{"id":513605,"date":"2022-12-23T13:40:25","date_gmt":"2022-12-23T18:40:25","guid":{"rendered":"https:\/\/wncen.com\/?p=513605"},"modified":"2023-03-08T07:26:39","modified_gmt":"2023-03-08T07:26:39","slug":"gemini-earn-users-want-justice-exchange-ignores-them-to-buy-ledgerx","status":"publish","type":"post","link":"https:\/\/wncen.com\/sponsored\/gemini-earn-users-want-justice-exchange-ignores-them-to-buy-ledgerx\/","title":{"rendered":"Gemini Earn Users Want Justice, Exchange Ignores Them To Buy LedgerX?"},"content":{"rendered":"
Major crypto exchange Gemini is suffering from the crypto contagion on one of its products, the popular \u201cGemini Earn.\u201d This product allowed users to receive a yield by depositing their funds on this platform. Users were able to earn as much as 8% on their crypto. <\/strong><\/p>\n Gemini partnered with crypto lender Genesis, a subsidiary of the Digital Currency Group (DCG), to offer this product. According to several reports<\/a>, Genesis suffered from a liquidity crunch following the collapse of the crypto exchange FTX and now owns Gemini Earn users over $900 million.<\/p>\n Gemini Earn clients joined forces to act and get their funds back. These users have seen Gemini\u2019s latest measures and possible solutions but have reservations and have lost faith in the exchange\u2019s capabilities to return their funds without pressure.<\/p>\n In this context, with almost a billion dollars owned to its Gemini Earn customers, the crypto exchange might acquire LedgerX. A company valued at about $300 million, or a quarter of what it owns to its Earn users.<\/p>\n Per a report<\/a> from Reuters, following the collapse of its parent company, FTX, LedgerX has attracted the attention of major crypto companies, including Gemini and Blockchain.com. LedgerX is under the supervision of the U.S. Commodity Futures Trading Commission (CFTC).<\/p>\n In that sense, its owner can offer different financial products to U.S. customers, one of the most attractive markets. Its acquisition would allow Gemini to expand its foothold in the sector.<\/p>\n In the meantime, Gemini Earn customers must await a resolution regarding Genesis. The DCG-owned company is looking for partners to raise emergency funds and resume operations. This solution would allow Gemini Earn customer to get their funds back.<\/p>\n In an official post, Gemini claims<\/a> it is taking additional steps to make its clients whole:<\/p>\n Gemini has also formed an ad hoc committee with other creditors (Creditor Committee) to coordinate efforts and advocate together. Returning your funds is our highest priority and we are operating with the utmost urgency. <\/strong><\/p>\n However, users believe that Gemini Earn is a product offered by the crypto exchange Gemini and therefore, this company should provide an immediate solution to its customers. If the company can complete a $300 million acquisition, it should have enough liquidity to reach an agreement with its customers.<\/p>\n The Gemini Earn program was promoted as a \u201creal yield, real return\u201d product to its customers. People trusted their non-fungible tokens (NFTs) and digital assets to the platform in hopes of leveraging an innovative use case capable of mitigating inflation.<\/p>\n The current situation goes against the vision sold to Gemini\u2019s users. Furthermore, the crypto exchange has failed to communicate with its customers. Many feel disenchanted with Gemini, a platform that they thought was safe.<\/p>\n Per a report from Forbes, the exchange\u2019s founders Cameron and Tyler Winklevoss, have the funds to make their clients whole. A Gemini Earn client told Forbes: \u201cYou should open up your own wallet. Please fix this and don\u2019t ruin millions of lives here.\u201d<\/p>\n These individuals have taken it upon themselves to fight for their funds. In that sense, they created a community across social media platforms<\/a> to agree on future actions and join a class action lawsuit against Gemini Earn. They may also ask the regulators to investigate the actions of Gemini Earn management.<\/p>\nGemini Aims To Expand By Acquiring LedgerX<\/h3>\n
Gemini Should Take The Responsibility<\/h3>\n