GEMINI EARN GENESIS HOW TO
In the last few weeks, Gemini and Genesis’s parent company have been in a bitter spat over how to make these customers whole as Genesis tries to find new financing. The worst part of Gensler’s latest stunt, though, is that will hurt the more than 300,000 Earn investors whose funds are now frozen. The agency also seeks “permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.” The SEC charges that the Earn program involved unregistered securities, and thus violated US securities law. Then, in November 2022, as the crypto world continued to fall apart, Genesis announced that it was suspending investors’ ability to withdraw their money, which remains in limbo. Starting from early 2021, some 340,000 retail investors, mostly within the United States, signed up for Earn, investing some $900 million. Genesis invested those assets and paid Earn holders their returns, minus an “agent fee” that was paid to Gemini. (The company’s legal headaches may not end with the SEC action on January 6, Bloomberg reported that federal prosecutors are investigating DCG’s internal financing.) Gemini is probably best-known for being owned by the Winklevoss twins.Īccording to the SEC, Gemini’s “Earn” program, which promised return rates as high as 8% on crypto holdings, gave customers’ digital assets to Genesis. These companies are well-known not only for their scale, but because of their ownership Genesis is part of the Digital Currency Group (DCG), owned by crypto pioneer Barry Silbert. The crypto world went into a tailspin this week, as the US Securities and Exchange Commission (SEC) chased after two of the world’s biggest players, the crypto trading and lending hub Genesis and Gemini, a crypto exchange.
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