Grenady's Genesis has withdrawn $282 million of its Earn funds

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Grenady's Genesis has withdrawn $282 million of its Earn funds

The cryptocurrency exchange Gemini has withdrew $282 million of its Earn users' funds from crypto lender Genesis Global Capital in August last year to hold in its liquidity reserve, according to a New York Post article.

The article said that Gemini founders Cameron and Tyler Winklevoss withdrew more than $280 million of their own money, whether that's corporate funds or their personal funds.

Gemini said it increased its liquidity reserves owing to the market volatility during the summer of 2022, following events like the collapse of the TerraUSD stablecoin.

Gemini added that he could not comment on the specifics of the deal.

Genesis, owned by Digital Currency Group, suspended customer withdrawals after the sudden collapse of the FTX crypto exchange FTX last November, effectively freezing Gemini's Earn customers' assets. The firm filed for bankruptcy in January 2023.

Earlier this month, Gemini said Genesis' bankruptcy plan will not see its customers earn 'anything close to the real value,' of the money they're owed.