Last Updated on January 11, 2023 by Bitfinsider
In an email today, Gemini informed clients that it is ending customer loan arrangements with Genesis Global Capital as part of its Earn program.
Gemini stated that it will “work with the utmost haste” to restore consumer monies.
“We are writing to inform you that Gemini, acting as your agent, has terminated the Master Loan Agreement (MLA) between you and Genesis Global Capital, LLC (Genesis), effective January 8, 2023,” the email said. It then declares that the Earn program has been terminated and that Genesis must “return any assets outstanding in the program.”
Existing redemption requests and Gemini’s ability to pursue a resolution to recover its clients’ assets are unaffected by the loan agreement’s resolution, according to the company’s email.
Expect updates on Tuesday and Friday of each week, at the very least, “until a resolution has been achieved,” according to Gemini.
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