Withdrawals for Gemini Earn users have been frozen for 47 days due to Genesis insolvency. Funds deposited into the Gemini Earn program were lent to Genesis in order to generate interest payments.Genesis is a subsidiary of Barry Silbert’s massive Digital Currency Group which includes other related companies such as Grayscale, which operates the GBTC exchange traded product, and Coindesk.DCG owes Genesis over a billion dollars. Genesis owes Gemini users nearly a billion dollars.
Open Letter:
Barry Responds on Twitter:
There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It’s completely disingenuous.
So how does DCG owe Genesis $1.675 billion if it didn’t borrow the money? Oh right, that promissory note…
— Cameron Winklevoss (@cameron) January 2, 2023