Gemini has announced a new update regarding the Earn feature used by customers on the platform. According to the latest update, the platform has officially axed the feature from the platform. In the published report, this recent decision is in response to the ongoing public issues that the company is facing with the crypto lending platform Genesis. The company sent users emails to reflect the new update, explaining in detail why it was taking the route.
The exchange axes the Earn program
According to the explanation contained in the email, the firm said the move was taken to force the lending platform to refund funds of over $900 million that the platform users are being owed. The email pointed out that the company acted in the users’ interest, with the termination date quoted as January 8.
The lending company was the sole partner of the exchange in the Earn program, which rewards users with up to 8% interest on several digital assets they hold. With the termination of the Earn program, Gemini is expected to refund all the assets belonging to users of the program in its confines with immediate effect. With the news making the rounds, Genesis has yet to release a statement clarifying the issue.
Gemini and DCG management trade words
According to reports, all hell broke loose after Gemini discovered that the platform seized withdrawals around November 2022. Customers have also been informed that their balances will now appear pending on the crypto exchange until the issue with Genesis is solved. The email also highlighted that the company is working tirelessly to ensure that its assets are returned to them in earnest. This latest update is coming off the back of a swipe that Cameron Winklevoss took at the CEO of the lending platform.
In his statement, he stated that founder Barry Silbert needed to leave his post as CEO. The statement also held claims that both Genesis and the company it acts under DCG were involved in a fraudulent scheme. The Gemini boss was also in hand in court to level the claim against the company in an ongoing lawsuit against users of the platform. However, DCG has also hit back at the exchange, saying it is trying to use the issue to push a publicity stunt. The statement also claimed that Gemini management is trying to shift blame in their role in starting the Earn program in the first place.