12 Jan

Gemini Terminates Flagship Earn Program, Commits to Repaying $900M

• Gemini has officially put a stop to the interest-bearing product, the flagship Earn program, which was operated by Genesis Global Capital.
• The company has terminated the Master Loan Agreement between customers and Genesis, effective January 8, 2023.
• Gemini is committed to getting its customers their assets back and has made it their “highest priority” to do so.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has recently made a major announcement that has had a large impact on its customers. On January 10th, the company circulated a message via email saying that it had officially stopped its interest-bearing product, the flagship Earn program, which was operated by Genesis Global Capital. As a result, the company has terminated the Master Loan Agreement between customers and Genesis, effective January 8th, 2023.

This move comes as an extension of the public dispute between Gemini and Genesis, which has been escalating in recent weeks. Genesis is believed to owe Gemini’s customers approximately $900 million, and the termination of the Master Loan Agreement is a step towards ensuring that Gemini’s customers are able to recover their assets. In the email sent to Gemini customers, the company mentioned that it was closing up the program in order to get Genesis to repay the $900 million.

Gemini is committed to getting its customers their assets back and has made it their “highest priority” to do so. Existing redemption requests are not impacted and continue to await fulfillment by Genesis. The company has also mentioned that it will be taking all necessary legal actions to ensure that the customer assets are returned and that the customers are not left out of pocket.

The news of Gemini’s decision to terminate the program has sent shockwaves through the entire cryptocurrency community, as many customers have expressed their disappointment and frustration at the situation. This has led to some heated debates, as well as calls for more transparency and protection for customers in the future. While it remains to be seen how this situation will ultimately play out, it is clear that Gemini is determined to ensure that its customers are not left out of pocket.