Gemini Earn and Genesis crypto lending: who does it affect?
cryptocurrency? If so, you
form of investment, allowing
Gemini is a centralized crypto exchange that offers products, including one called Gemini Earn. Gemini Earn allowed lenders to lend their currency to Gemini’s institutional partners. Gemini reportedly announced that by lending their crypto to these partners, investors could earn interest on the crypto they lent and thus could see a profit.
However, one of Gemini Earn’s partners, Genesis, was not in good financial health when Gemini announced it as a potential recipient of crypto loans. Supposedly, Genesis was in a financially risky situation and was facing bankruptcy. In other words, Genesis was not in a financial position to earn interest for its cryptocurrency lenders.
Investors argue that Gemini Earn should have disclosed this to its lenders so they could opt out of lending their money to Genesis. Investors took a financial hit and lost their borrowed crypto, allegedly caused by Gemini Earn’s failure to disclose the true financial situation of Genesis.
The lawyers are contacting the Gemini Earn lenders who lent cryptocurrency to Genesis. These individuals may qualify to participate in a Gemini Earn and Genesis cryptocurrency lawsuit investigation. Taking legal action against these companies may be a way for investors to obtain compensation to help them recover from the financial harm caused by the transactions.
Do you qualify?
cryptocurrency? If so, you
Fill out the form on this page for more information.
bankruptcy of genesis
During this process, Genesis
Gemini Earn’s Duty to Lenders
When Gemini Earn suggests a potential crypto borrower to its investors, Gemini takes it upon themselves to research the partner. This involves making sure that the partner is in good financial shape and is able to repay the loans they take on. However, this may not have been the case for Genesis. Gemini may have recommended Genesis even though the company was in severe financial difficulties.
According to investors, if Gemini had properly investigated Genesis by conducting a thorough review of the company’s finances, Gemini would have discovered that Genesis was not in a suitable financial state to accept crypto loans. Investors could hold Gemini liable for giving them incorrect and prejudicial information about Genesis’s viability as a potential borrower.
Join a Gemini Earn, Genesis crypto lawsuit investigation
As Gemini Earn advertised Genesis as a solid investment partner to its investors, the company was on the brink of bankruptcy. This cost investors money, who were unable to benefit from the loans they made to Genesis. Now, lawyers are seeking affected individuals to participate in an investigation into a lawsuit over cryptocurrency investments from Genesis Earn and Gemini. Taking legal action against companies can be a way to obtain compensation.
Earn to Genesis, you
Fill out the form on this page to get a free case evaluation.