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In a recent blog post published by Gemini Earn program based on Gemini exchange, owned by the Winklevoss twins, they spread the word that they are having difficulties and will not be able to meet customer redemptions according to the SLA — service-level agreement.
The cause of the problem with withdrawals on Gemini Earn is the fact that its lending partner Genesis Global Capital has already stopped withdrawals for its customers.
Alex DovbnyaThe Earn team is now engaged with the Genesis team to help Earn clients to withdraw funds from the Earn program.
The former stated that they hope that Genesis and its parent company Digital Currency Group, owned by Barry Silbert, will do "everything in their power to fulfill their obligations to customers under the Earn program." DCG owns Genesis too, as well as Grayscale.
Genesis held up client withdrawals after the FTX scandal.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin