“There’s no good way that Gemini can spin this,” one scorned customer who lost access to $1 million told The Post.
SEC sues Winklevoss twins over ‘Gemini Earn’ program that sparked $900M crisisCustomers are outraged at the Winklevoss twins over their secret $282 million withdrawal from their crypto company’s bank before its collapse last year – and the backlash could further tarnish the twins’ carefully crafted image as trustworthy operators in the unruly digital currency industry.
Legal and ethics experts said the twins’ actions, including combative dealings with regulators and failure to protect Earn customers, look awkward at best next to their yearslong public campaign to portray Gemini as a safety-minded institution. and describes itself as “the most trusted crypto-native finance platform.
“They, very deliberately, set up to position themselves as the trustworthy exchange, the exchange that took regulation seriously,” Reiners said. “It turns out that might not actually be the case.”In the case of the Earn program, Gemini has displayed a troubling “lack of transparency” with customers, according to Tobey Karen Scharding, a professor at Rutgers Business School and expert on risk-related business ethics.
Gemini described the $282 million withdrawal as a protective move against “the broad market turmoil in the summer of 2022.” Legal experts who spoke to The Post speculated that Gemini is withholding onto the remaining $36.4 million because it could be subject to claw backs or otherwise up for dispute during the bankruptcy.Clarity on the Earn meltdown likely depends on the outcome of SEC’s case, according to Adam C. Pritchard, a securities law expert and professor at the University of Michigan Law School.
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