The contention between Gemini and the Genesis group has been spiraling, especially with the most recent development. Gemini has officially put a stop to the interest-bearing product, which is the flagship Earn program. This message was circulated via email on January 10.
Gemini has ceased the existing Master Loan Agreements with Genesis Global Capital, which was responsible for operating the Earn program on behalf of its customers.
This move by Gemini comes as an extension of the public dispute that happened between Genesis and itself. In the email sent to the Gemini customers on Tuesday, Gemini mentioned that it was closing up the program in an attempt to get Genesis to repay the $900 million that the company owes the exchange’s clients.
The email read:
We are writing to let you know that Gemini—acting as agent on your behalf—has terminated the Master Loan Agreement (MLA) between you and Genesis Global Capital, LLC (Genesis), effective as of January 8, 2023
The company also adde
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