Gemini Announces Plan To Recover Earn Program Users’ Funds – Crypto News – Crypto News
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Gemini Announces Plans To Recover Earn Program Users Funds Gemini Announces Plans To Recover Earn Program Users Funds

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Gemini Announces Plan To Recover Earn Program Users’ Funds – Crypto News

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Crypto exchange Gemini’s cofounder Cameron Winklevoss on Wednesday announced launching a page to help bring transparency process regarding finding a resolution for all Earn users to redeem their funds. Gemini has also formed a creditors’ committee to try and recover customers’ lost money and hired the law firm Kirkland & Ellis to resolve the issue at the earliest.

Gemini Launches Page to Increase Transparency

Cameron Winklevoss, co-founder of Gemini, in a series of tweets on December 7 announced that the crypto exchange has launched a page to update users about the latest developments regarding a resolution for all Earn users to redeem their funds.

“Gemini is launching a new page that aims to bring as much transparency as possible to the process of finding a resolution for all Earn users to redeem their funds.”

The page will be updated every Tuesday and Friday until a resolution has been reached with Genesis. Acting as an agent for Earn users, the exchange is in discussion with Genesis Global Capital, its parent DCGand DCG CEO Barry Silbert to find a resolution.

On Monday, Gemini in collaboration with creditors formed an ad hoc committee to make efforts and advocate together to help users recover their funds. It also hired the law firm Kirkland & Ellis.

Gemini Earn was affected after its lending partner Genesis halted withdrawals and Earn redemptions due to facing liquidity issues amid the FTX crisis. Genesis owes Gemini Earn users $900 millionthe Winklevoss Twins are trying to recover the funds as customers are having trust issues with the firm.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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