Gemini

Chaos

Million

Story

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/protecting-user-funds-the-real-story-behind-geminis-282-million-move/">Gemini Earn Controversy: $282M Belongs to Users, Platform Claims</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Gemini, the well-known cryptocurrency platform operated by the <a href="https://coinpedia.org/news/gemini-vs-genesis-winklevoss-pens-explosive-open-letter-with-a-1-465-billion-ultimatum/">Winklevoss twins</a>, has expressed their dissatisfaction with a recent New York Post article. According to the platform, the article in question presents a distorted view of the Gemini Earn program.</p> 
<p>Here’s what the company had to say. </p> 
<h2 class="wp-block-heading" id="strong-the-controversy-strong-thickens"><strong>The Controversy </strong>Thickens</h2> 
<p>The core of the controversy revolves around a substantial sum of $282 million. The New York Post made assertions about this amount, which Gemini has firmly disputed. Contrary to the article’s implications, this money had no connection to the personal accounts of founders Cameron and Tyler Winklevoss, nor was it linked to the resources of their investment entity, Winklevoss Capital.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We are disappointed that the <a href="https://twitter.com/nypost?ref_src=twsrc%5Etfw">@nypost</a> has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn…</p>— GeminiTrustCo (@GeminiTrustCo) <a href="https://twitter.com/GeminiTrustCo/status/1707385495796228469?ref_src=twsrc%5Etfw">September 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Also Read: <a href="https://coinpedia.org/crypto-live-news/gemini-to-invest-24m-to-expand-development-center-in-india/">Gemini to Invest $24M to Expand Development Center in India!</a></p> 
<h2 class="wp-block-heading" id="gemini-clarifies">Gemini Clarifies</h2> 
<p>Gemini has clarified that this sum actually belonged to users of the Earn program. These funds had been withdrawn from Genesis, another entity associated with the cryptocurrency market, to bolster a safeguard known as a “liquidity reserve.”</p> 
<p>During the turbulent market conditions of 2022, Gemini made a strategic move to bolster this liquidity reserve. This decision ensured that users’ funds within the <a href="https://coinpedia.org/news/gemini-fights-for-its-earn-users-will-they-get-their-money-back/">Earn program</a> were less exposed, particularly when Genesis suspended redemptions later that year. In hindsight, this decision unquestionably shielded Gemini Earn users from potential financial setbacks amounting to millions, according to the company.</p> 
<h2 class="wp-block-heading" id="concerns-continue-to-grow">Concerns Continue to Grow </h2> 
<p>Gemini has expressed concerns about how this protective measure has been portrayed. They believe that their decision to protect substantial user funds has been presented without context, possibly implying an attempt to manipulate public opinion. The company has singled out Barry Silbert and DCG as the driving force behind this distorted narrative, especially considering Silbert’s ongoing legal issues.</p> 
<p>Read More: <a href="https://coinpedia.org/news/gemini-exposes-dcgs-deceptive-genesis-proposal-dcg-plan-b-to-resolve-the-issue/">Gemini Alleges DCG’s Recovery Plan is Misleading; Are Creditors at Risk?</a></p> 
<p>Gemini has emphasized their commitment to transparent communication and pointed out that the Post could have avoided this mistake if they had sought clarification directly from the source. Instead, the hasty publication of a potentially biased story reflects poorly on the tabloid’s dedication to its readership.</p>

Gemini Earn Controversy: $282M Belongs to Users, Platform Claims

Table of Contents

CoinPedia News

Other articles published on Sep 29, 2023

VanEck Previews Ethereum Futures ETF with Quirky TV Ads Amid Anticipation of Early Launch

DIFC Announces Consultation on New Digital Assets Law, New Law of Security and Related Amendments

SHIB Forms Crucial Support as Shibarium Eyes New Milestone

Valkyrie temporarily backtracks on ETH futures contracts

Chevron Corporation Is Showing Potential To Hit All-Time Highs!

NGI DAO x WeRent event!

Join our free newsletter for daily crypto updates!