![]() At the time of the filing, the company cited the collapse of Three Arrow Capital and FTX as events that led to the company filing for bankruptcy. On January 19, the crypto brokerage firm filed for chapter 11 bankruptcy, joining a growing list of companies to collapse since the spring of 2022. The cryptocurrency platform Gemini halted withdrawals for its crypto lending Earn program as the fallout from the collapse of crypto giant FTX continued today. Genesis halted withdrawals in November 2022, leading users and Winklevoss to threaten legal action against the company and DCG founder Barry Silbert, demanding that Genesis offer a plan for repaying the $900 million loan Gemini made to the now-bankrupt Genesis Global. Gemini warned of withdrawal delays on its Earn product after lending partner Genesis suspended redemptions and lending obligations Photo: Shutterstock. ![]() Genesis was the primary partner for the service. Gemini and Genesis have been locked in a public battle over the Gemini earn program, which allowed users to deposit their cryptocurrencies and receive yields of between 0.45% and 8% interest, similar to a bank account. Gemini will contribute up to $100 million more for Earn users, and according to a press release sent to Decrypt, the terms of the agreement with DCG includes the sale of Genesis Global Trading.įurther, DCG will exchange its existing $1.1 billion note due in 2032 for convertible preferred stock, and refinance its existing 2023 term loans in two tranches made payable to creditors with an aggregate total value of approximately $500 million. Gemini has currently paused withdrawals on its Gemini Earn account. Commissions do not affect our editors opinions or evaluations. Promotion: Get 5 of bitcoin when you join Coinbase earn up to 200 when you set up a new account and make your first purchase. ![]() $0.00035351 1.22% Terra Classic (Wormhole) Editorial Note: We earn a commission from partner links on Forbes Advisor.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |