Collapse · November 16, 2022
Gemini Earn freezes withdrawals as Genesis pauses redemptions
Price at event
$16,648
Today
$73,594
Since then
×4.4
On November 16, 2022, in the smoldering aftermath of FTX, Genesis Global Capital suspended redemptions, instantly stranding Gemini Earn's roughly 340,000 retail users and about $900M in assets they had been promised they could withdraw within five days. The freeze dragged on for roughly 18 months, spawned an SEC suit over the unregistered sale of securities through the Earn program, and was only resolved when Gemini returned around $2.2B to users in May 2024.
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