At the same time, Genesis’s parent company, Digitial Currency Group, Inc., also owes Genesis 1.675 billion and at least 175 million of Genesis’s funds were deposited with FTX. All customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time. According to a report by the Financial Times, Genesis allegedly owes at least 900 million to Gemini Earn’s customers. Gemini is a full-reserve exchange and custodian. Genesis was the primary partner for Gemini Earn, a service offered by the popular cryptocurrency exchange Gemini, which allowed users to deposit their cryptocurrencies and receive yields of. Gemini Staking, which is part of our Grow offering and separate from the Earn product, continues to operate as usual. This does not impact any other Gemini products and services. We will continue to work with them on behalf of all Earn customers. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. dollars (USD), Australian dollars (AUD), Canadian dollars (CAD), British pounds (GBP) and euros (EUR), among others. The past week has been an incredibly challenging and stressful time for our industry. We have been working around the clock since Novemto reach this milestone. We will provide more information in the coming days. In addition, Gemini will be contributing up to 100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery. We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We are aware that Genesis Global Capital, LLC (Genesis) - the lending partner of the Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. Please note that if the MATIC Staking income amount does not meet the 600 threshold, but your Gemini account reflects Earn income, bonuses, or rewards that when added to the Staking income amount do meet the threshold, a Form 1099-MISC will be issued.
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