Gemini Announces Plan To Recover Users Funds

Cameron Winklevoss, a co-founder of the cryptocurrency exchange Gemini, said on Wednesday that a page would be created to help users of Earn find a way to get their money back. Gemini has also set up a committee of creditors to try to get back the money that customers lost and hired the law firm Kirkland & Ellis to solve the problem as soon as possible.

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Gemini starts a page to make things more clear.

In a series of tweets on December 7, Gemini co-founder Cameron Winklevoss said that the crypto exchange had set up a page to keep users up to date on the latest news about a way for all Earn users to get their money back.

Gemini is making a new page that will try to make the process of finding a way for all Earn users to get their money back as clear as possible.

The page will be updated every Tuesday and Friday until a solution has been found with Genesis. As a representative for Earn users, the exchange is talking to Genesis Global Capital, its parent company DCG, and DCG CEO Barry Silbert about how to solve the problem.

On Monday, Gemini and its creditors put together an ad hoc committee to work together and try to help users get their money back. Kirkland & Ellis, a law firm, was also hired by the committee to speak up for it.

Gemini Earn was affected when its lending partner, Genesis, stopped withdrawals and redemptions because it was having trouble getting money because of the FTX crisis. Genesis owes users of Gemini Earn $900 million. The Winklevoss Twins are trying to get the money back because customers don’t trust the company.

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Will Genesis Avoid Bankruptcy?

Due to its exposure to FTX, Genesis could be the next cryptocurrency company to go bankrupt. Genesis and the company that owns it, DCG, are trying to get $500 million in emergency funds. At the same time, DCG owes nearly $1.7 billion to its subsidiary Genesis.

But Genesis hasn’t said anything new about either funding or starting withdrawals again. The silence from Genesis and DCG is making customers and people in the cryptocurrency community more worried.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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