crypto exchange gemini and crypto lender genesis were involved in the termination of gemini’s flagship earn program. gemini sent an email to customers informing them of the termination and acted as an agent on behalf of customers to terminate the master loan agreement with genesis. this officially ended the earn program, and genesis was required to return all outstanding assets to the program.
the termination of the earn program happened on an unspecified date. the action was taken by gemini, and the email informing customers of the termination was sent out by the exchange. customers could view their earn balances as “pending balances” after the termination.
the termination of the earn program was part of a public spat between gemini and genesis. gemini’s ceo cameron winklevoss demanded that the board of genesis owner dcg step down, and accused dcg and genesis of committing accounting fraud. gemini responded to a class action brought by its own users. customers could earn up to 8% interest on their crypto through the earn service, but gemini is now scrambling to find a way to return assets to users.