{"id":169888,"date":"2023-01-20T13:26:50","date_gmt":"2023-01-20T13:26:50","guid":{"rendered":"https:\/\/precoinnews.com\/?p=169888"},"modified":"2023-01-20T13:26:50","modified_gmt":"2023-01-20T13:26:50","slug":"will-gemini-follow-in-the-footsteps-of-ftx-and-genesis-heres-what-you-need-to-know-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/will-gemini-follow-in-the-footsteps-of-ftx-and-genesis-heres-what-you-need-to-know-coinpedia-fintech-news\/","title":{"rendered":"Will Gemini Follow in the Footsteps of FTX and Genesis? Here's What You Need to Know! – Coinpedia Fintech News"},"content":{"rendered":"
Gemini Earn\u2019s funds are stuck up with Genesis since November 16, when the leading lending platform halted the customer withdrawals <\/span><\/p>\n<\/li>\n After Genesis Global files for bankruptcy, the next move put forth by Gemini would be more eccentric<\/span><\/p>\n<\/li>\n<\/ul>\n Gemini, world one of the largest crypto exchanges and the brainchild of the Winklevoss twins is now in deep liquidity trouble. The founders are fighting to get back the customer\u2019s funds held on Genesis, but the recent filing of bankruptcy may make bitter things worse.<\/p>\n However, the founders of Gemini are pretty confident in recovering their stuck-up funds. But, the 2022 history says, the platforms which received more than 60% exposure also filed for bankruptcy in the next few days.\u00a0<\/p>\n After Terra’s collapse, Celsius Network & 3 Arrow Capital filed for bankruptcy, while BlockFi filed after the collapse of the FTX exchange. So will Gemini move ahead and also file for bankruptcy Or do they have any backup plan?- Let’s have a glance at their reserve!<\/p>\n Liquidity issues have become pretty common in the crypto space but Gemini users can still withdraw their money from the same Earn program, while it has to be noted that some large users have sued Gemini demanding their money back.\u00a0<\/p>\n The founder, Cameron Winklevoss in a recent tweet revealed the next course of action to take legal action against DCG (parent company of Genesis) and its CEO Barry Sibert. He also assures his 320K+ Earn users to recover their stuck-up funds and the bankruptcy may make the process a little simpler.\u00a0<\/p>\n\n
\n
\n
\n
\n