Last December, Daniel Zukich decided to put $10,000 into Gemini Dollars , the stablecoin operated by crypto exchange Gemini. Gemini Earn, the company’s lending program, offered Zukich a juicy return–of 8%–on his digital tokens.
On November 16, Gemini announced that the crypto lender it had partnered with for the Gemini Earn program–Genesis Global Capital–had halted customer withdrawals, leaving Gemini insists it has no obligations to those investors who bought Gemini Dollars and lend them out through Genesis. Last evening, on December 15, Gemini emailed its customers to announce an update to the dispute resolution clause of its terms of service, to move future disputes to a separate arbitration forum. Previous filings will not be affected.
In November, as FTX began to quickly unravel, Sarah contemplated yanking her GUSD from Gemini and converting it back to dollars–until Gemini persuaded her not to. The company reassured her and other customers in a November 14 email: “Gemini has no exposure to FTT tokens or Alameda and no material exposure to FTX.” The email’s subject line read: “Gemini is Built on Trust, Safety, and Compliance.” Two days later, Gemini announced that all Gemini Earn funds were frozen.
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