We don't know what is going to happen yet. If those statements were inaccurate and fraudulent (outside of any T&C click through when entering Earn), then they induced persons, including myself to stay in the program by misrepresenting financial position.įix this nonsense, because it will spiral to everything if retail customers are left hanging!! The statements made by Genesis/DCG limiting exposure to FTX/Alameda to $7M + $175 in derivatives should not effect retail customers, outside of 5 day SLA return of funds. If the retail portion of this equation is not resolved, I will dust off my law degree and sue everyone involved!! I'm fine if principal isn't returned in SLA 5 days - but if anything goes to bankruptcy, etc., I will be pissed! Someone step in now for $700M to $1B, or everything in crypto gets f*d!!! Now is time for CZ fund to resolve at least the retail portion of the loans outstanding. Ultimately if the loans aren't 100% bad, the principal should have been easily returned - but I realize bank runs creates liquidity issues if loan terms are longer than short term retail investors can stomach. I'm aware of the difference between liquidity issues and insolvency issues - I kept money in Gemini Earn because I didn't want to add to the hysteria - as "bank runs" help no one. And the reason that most interest/earn/grow type products were halted. This is exactly the shit that "over protective" anti-crypto peeps like Elizabeth Warren are warning about. but if you are screwing over retail investors with their life savings involved to earn some relatively low interest to combat inflation - and giving them a 1 click T&C disclosure on a bank "interest like" product - you are ripe for the largest lawsuit ever. If hedge funds were hedging and leveraging, so be it - let them take a loss.
Regardless of "one click T&C" notifications, Gemini, Genesis and DCG are all on the hook for this mess. In the grand scheme of things, $700M Earn exposure is nothing, like 7 hedge fund executive homes or allowances of a few Saudi princes who don't want to live in a restrictive country.
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