shirleen morris @soxey01 - Twitter Profile

We are disappointed that the @nypost has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn users’ money. It was not Gemini corporate funds and it was not the personal funds of our Founders @cameron and @tyler or their investment firm @winklevosscap. The Gemini Earn Program Terms permitted Gemini to establish a “liquidity reserve” for the benefit of Earn users by holding back a portion of the money they deposited into the Earn program. Amidst the broad market turmoil in the summer of 2022, we decided to increase the liquidity reserve. As a result, we pulled back $282 million of Earn users’ funds from Genesis on August 9, 2022 and held those funds in the liquidity reserve for their benefit. In hindsight, this proved to be a wise and prudent decision. As a result of our risk management, Earn users had $282 million less exposure to Genesis when Genesis halted redemptions on November 16, 2022. It’s quite ironic that a decision that protected Earn users to the tune of hundreds of millions of dollars has been twisted like this. And it's quite obvious that this "exclusive story" — which is pure fantasy — was pre-packaged and handed to the New York Post by @BarrySilbert and @DCGco in another brazen attempt to manipulate public opinion, Earn users, and distract from their fraudulent behavior that is currently under criminal investigation. The Post and its “Tech Reporter” @TBarrabi could have figured all of this out and saved themselves a lot of professional shame and embarrassment, if they had reached out to us in good faith instead asking for a comment right before their self-imposed publishing deadline. But of course, the Post is a tabloid — not a serious financial publication — and clearly willing to launder the lies of Barry Silbert and DCG in exchange for clicks, even if it means deceiving their readership. Armed with the facts, we will continue to speak the truth, call out those who don’t, and fight for a positive outcome for Earn users.

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