Get your crypto back right away, no delays," Nick Fuhrmann, a former Gemini data engineer, told the Beast. "Gemini definitely sold as like, 'It's hassle-free. But according to another former employee, the Winklevii downplayed any potential danger. (FTX and Voyager, it's worth noting, are both specifically being sued over their high-yield accounts, which plaintiffs claim were sold as unregistered securities.)Īll to say: were the accounts risky? Sure. Filed for bankruptcy within the past six months.The model is depressingly similar to those of the high-yield accounts offered by fellow crypto firms Celsius, Voyager Digital, and FTX, all of which have: Hand Gemini your digital assets, and through its lending partner Genes it would make you money. Gemini's Earn accounts, which promised users that their funds could be redeemed "at any time," seemed straightforward. I think that was the overall sentiment inside the company," one unnamed ex-employee told the Beast, adding that when he and others first read the product's terms and conditions back in 2021, " were like, 'Holy shit, are you fucking kidding me?'" "The business makes money on fees, so how do you get more fees? You invent a new product. Or, at the very least, the writing was in both the bold and small print of Gemini's "Earn" accounts, the exchange's high-yield savings accounts, which one former employee says prioritized Gemini revenue over customer safety. Now, perhaps too little too late, former employees are sounding the alarm, explaining to The Daily Beast that the writing was on the wall. If very recent history repeats itself, it's unlikely that Gemini's users, who The Financial Times reported last week are owed a collective $900 million, will ever get their money back. It's been nearly a month since Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss - otherwise known as the Winklevii, or the towering billionaire twins of "being completely screwed over by Mark Zuckerberg" fame - halted customer withdrawals, a direct result of fellow exchange FTX's collapse into bankruptcy.
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