![]() It’s unfortunate that they’re optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors. Their behavior is totally counterproductive.”ģ/ Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive It’s disappointing that the chose to file an action today as and other creditors are working hard together to recover funds. Tyler Winklevoss, Gemini CEO, took to Twitter to respond to the SEC’s Thursday filing, stating: "It’s disappointing that the chose to file an action today as and other creditors are working hard together to recover funds. Genesis’ parent company Digital Currency Group (DCG) is considering selling assets to raise money to pay off the more than $3 billion it owes to creditors.Įarlier this month, Gemini ended the Gemini Earn program, with retail investors still unable to withdraw their assets. At the time of this statement Genesis held approximately $900 million in investor assets from over 300,000 Gemini Earn investors. In November 2022, Genesis announced it would not allow Gemini Earn customers to withdraw their crypto assets as it lacked sufficient liquidity to meet withdrawal requests. ![]() Gemini charged agent fees on these transactions (up to 4.29%). The enforcement action outlines how the crypto asset-lending scheme allowed its customers to tender their crypto tokens to Genesis in exchange for an attractive interest rate. The SEC’s filed complaint alleges that Gemini and Genesis’ crypto asset lending program, Gemini Earn, facilitated the offer and sale of unregistered securities to retail investors, allowing both firms to raise billions of dollars’ worth of crypto assets.
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