The Controversy Thickens
Gemini, the cryptocurrency platform operated by the Winklevoss twins, is unhappy with a recent article published by the New York Post. According to Gemini, the article presents a distorted view of their Gemini Earn program.
The main point of contention revolves around $282 million. The New York Post made claims about this amount, which Gemini vehemently denies. The money in question has no connection to the personal accounts of Cameron and Tyler Winklevoss or their investment entity, Winklevoss Capital.
Gemini Clarifies
Gemini clarifies that the $282 million actually belonged to users of the Earn program. These funds were withdrawn from Genesis, another entity associated with the cryptocurrency market, to strengthen a liquidity reserve.
In 2022, during turbulent market conditions, Gemini decided to bolster this liquidity reserve as a protective measure for users’ funds within the Earn program. This decision proved beneficial when Genesis suspended redemptions later that year. In hindsight, it shielded Gemini Earn users from potential financial setbacks amounting to millions.
Concerns Continue to Grow
Gemini has expressed concerns about how this protective measure has been portrayed. They believe that their decision to protect user funds has been presented without context, potentially implying an attempt to manipulate public opinion. The company specifically points out Barry Silbert and DCG as being behind this distorted narrative.
Gemini emphasizes its commitment to transparent communication and criticizes the New York Post for not seeking clarification directly from them before publishing the article. They believe that the hasty publication reflects poorly on the tabloid’s dedication to its readership.
Hot Take: Gemini Calls Out New York Post for Misleading Article
Gemini, the cryptocurrency platform founded by the Winklevoss twins, has taken issue with a recent article published by the New York Post. The article in question presents a distorted view of Gemini’s Earn program and falsely implicates the Winklevoss brothers in relation to a significant sum of money.
Gemini clarifies that the money mentioned in the article actually belongs to users of the Earn program and was withdrawn from another entity, Genesis, to strengthen a liquidity reserve. This decision proved beneficial for users during market turbulence in 2022.
Gemini expresses concerns about how this protective measure has been portrayed, suggesting that it may be an attempt to manipulate public opinion. The company emphasizes its commitment to transparent communication and criticizes the New York Post for not seeking clarification before publishing the misleading article.
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