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Tyler Winklevoss

@tyler

Jan 12

Thanks Dev! 👊

Quote Tweet

The Dev

@HeyItsMeTheDev

Jan 12

Replying to @tyler @cameron and 2 others

I stand with Gemini

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Tyler Winklevoss

@tyler

Jan 12

7/ Oh, and on a more positive note, bitcoin hit 19k today! Onward!

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6/ For the avoidance of doubt, Gemini has always worked hard to comply with all relevant laws and regulations. Any suggestion to the contrary is unsupported by the facts.

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5/ But seriously, what is the point or urgency here? The Earn program has been shut down for almost two months.

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4/ We look forward to defending ourselves against this manufactured parking ticket. And we will make sure this doesn’t distract us from the important recovery work we are doing.

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3/ Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame. It’s unfortunate that they’re optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors.

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2/ As a matter of background, the Earn program was regulated by the

@NYDFS

and we’ve been in discussions with the SEC about the Earn program for more than 17 months. They never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th.

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1/ It’s disappointing that the

@SECGov

chose to file an action today as

and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.

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Jan 10

Earn Update: An Open Letter to the Board of

@DCGco

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Replying to

and

Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?

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Replying to

There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It's completely disingenuous. So how does DCG owe Genesis $1.675 billion if it didn't borrow the money? Oh right, that promissory note...

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Jan 2

Earn Update: An Open Letter to

@BarrySilbert

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Dec 20, 2022

All updates can be found here:

Gemini Earn Updates - Transparency Builds Trust | Gemini

This page aims to bring as much transparency as possible to the process of finding a resolution for all Earn users to redeem their funds. We will update this page on Tuesday and Friday of each week...

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Dec 20, 2022

This plan is based on information received from Genesis, DCG, and their respective advisors to date. The Creditor Committee expects an initial response this week.

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Dec 20, 2022

Earn Update: Today, Houlihan Lokey presented a plan on behalf of the Creditor Committee to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of assets.

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Dec 17, 2022

It is still early stages, and discussions are ongoing, however, we will update you as soon as more information is available.

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Dec 17, 2022

Earn Update: Houlihan Lokey, the Financial Advisor of the Creditor Committee, has begun advocating for a plan to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of funds.

Gemini Earn Updates - Transparency Builds Trust | Gemini

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Dec 10, 2022

We just updated our Trust Center. All data are now updated hourly. More updates coming soon!

Gemini Trust Center - Transparency Builds Trust | Gemini

Gemini is a full-reserve and highly regulated cryptocurrency exchange and custodian. Visit our Trust Center for information on total crypto and fiat on platform, 24-hour net flows, our regulatory...

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Dec 9, 2022

Earn Update: Houlihan Lokey has been engaged as Financial Advisor on behalf of the Creditor Committee. You can find all Earn updates here:

Gemini Earn Updates - Transparency Builds Trust | Gemini

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Dec 6, 2022

4/ Gemini has also formed an ad hoc committee with other creditors (Creditor Committee) to coordinate efforts and advocate together. Returning your funds is our highest priority and we are operating with the utmost urgency.

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Dec 6, 2022

3/ Gemini — acting as agent on behalf of Earn users — has been in ongoing conversations with Genesis Global Capital, LLC,

@DCGco

(the parent company of Genesis), and

@BarrySilbert

(CEO of DCG) in an effort to find a resolution ASAP.

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Dec 6, 2022

2/ At a minimum, we will update this page on Tuesday and Friday of each week until a resolution has been reached.

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1/ Today,

is launching a new page that aims to bring as much transparency as possible to the process of finding a resolution for all Earn users to redeem their funds:

Gemini Earn Updates - Transparency Builds Trust | Gemini

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Dec 5, 2022

Kirkland & Ellis has been engaged as counsel by the Creditor Committee to advocate on its behalf. Returning your funds is our highest priority and we are operating with the utmost urgency.

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Dec 5, 2022

Earn Update: On Saturday (December 3, 2022), Gemini formed an ad hoc committee with other creditors (Creditor Committee) to coordinate efforts and advocate together for a resolution.

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Nov 29, 2022

1/ We are pleased to announce the launch of the

Trust Center, a dashboard of metrics for the funds we hold on the Gemini platform and on your behalf, as well as other important data and information. Learn more: bit.ly/3Vj2JF9

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5/5 All customer funds held on the Gemini Exchange and in Gemini Custody are held 1-to-1 and available for withdrawal at any time. You can read more here:

Gemini Is Built on Trust, Safety, and Compliance: Ask For Permission, Not For Forgiveness | Gemini

Gemini prioritizes the security of customer assets. We never have and never will compromise on that point.

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4/5 As previously stated, this does not impact any other Gemini products and services. Gemini is a full-reserve exchange and custodian.

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3/5 We greatly appreciate Earn users’ patience during this challenging time and are working hard to provide a material informational update soon.

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2/5 This remains our highest priority and we understand Genesis and DCG remain committed to exploring every possible option to fulfill their obligations to Earn users.

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1/5 Update for Earn customers: we continue to work with Genesis Global Capital, LLC (Genesis) — the lending partner of Earn — and its parent company Digital Currency Group, Inc. (DCG) to find a solution for Earn users to redeem their funds.

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Maker

@MakerDAO

As per the latest forum post from

CSO

@beardmars

, GUSD and its reserves are unaffected by the pause on Gemini Earn’s withdrawals, and

will continue its commitment to the “GUSD & MakerDAO Partnership” as previously announced. forum.makerdao.com/t/gusd-makerda 4/

Gemini exchange fully back online; all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.

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We experienced an Amazon Web Services EBS outage with one of our primary databases. We have restored the database and are bringing the exchange back up.

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6/6 This does not impact any other Gemini products and services. Gemini is a full-reserve exchange and custodian. All customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time. You can read more here:

Gemini Is Built on Trust, Safety, and Compliance: Ask For Permission, Not For Forgiveness | Gemini

Gemini prioritizes the security of customer assets. We never have and never will compromise on that point.

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5/6 We will continue to work with them on behalf of all Earn customers. This is our highest priority. We greatly appreciate your patience.

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4/6 We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program.

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