The Winklevoss twins promised “real return” for Gemini users who signed onto their lending program. Now customers are owed $900 million as the contagion that began with the collapse of Sam Bankman-Fried’s FTX crypto exchange spreads further.
Earlier this year, YouTuber Oscar Ramos discovered a deal that seemed too good to be true: Gemini Earn, an interest-bearing program run by crypto exchange Gemini, said that its users could generate annual returns of 8% on ApeCoin, the native cryptocurrency issued by Bored Ape Yacht Club in March.
Ramos agreed to let Gemini Earn lend out his monkey-themed coins, which he’d bought with the intent of buying a Bored Ape NFT. “I created my account and it was fabulous. I really liked Gemini because it was so easy,” he says.
Now, Ramos’ funds–a few thousand dollars–are part of the $900 million that Gemini Earn’s customers are owed, as the Financial Times reported on Saturday (and as a source familiar with the matter confirmed to Forbes.)
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Source: https://www.forbes.com/sites/johnhyatt/2022/12/06/customers-of-crypto-billionaires-winklevoss-gemini-plead-for-lost-funds/?sh=10128f6e7653
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