These guys said just a few days ago that everything is fine, no risk, we have enough reserves, etc. Genesis is the partner that handles Gemini's EARN program. So funds in the EARN account on Gemini are frozen. Disastrous for many people. Now customers have lost their deposits. Get your crypto into your own wallet before the white collar criminals scam you. Even CNBC has been complicit in the crypto pump the last few years. Not a shred of journalistic integrity. https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse/ #bitcoin #crypto #fraud
Store your coins in your own wallet or get out of crypto. This is going to end very badly for many.
Lol 99.99 percent of ppl in crypto don't know how to use hardware wallets "securely". The whole crypto industry is about to get wrekkkkkd
I am holding some crypto so securily that I can't even get to it. :D (Wrote down the password and lost it.)
"We are disappointed that the Earn program [service agreement] will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program." lololol
Dominos effect
Coinbase safe ?
Customers will be treated as creditors when there is a bankruptcy. Coinbase clearly says that in their disclosures. A bankruptcy is inevitable given the declining trading volumes and their cash burn rate. So everyone should withdraw their crypto into their own wallets just to be safe. How many exchanges need to fail before people learn?
The government created a law that only applied to Coinbase, which forced them to add that disclosure. I'm not a die hard crypto fan, but from what I know I'm not worried about Coinbase being unsafe... I'm more worried about crypto being unstable tbh
Is robinhood safe for crypto? It’s FDIC insured till 200k
Cryptos are not SIPC or FDIC insured. Only cash is FDIC insured, stocks are SIPC insured. Whether crypto is safe depends on how Robinhood is organized. It is possible that they can file a bankruptcy for their crypto trading arm while stock trading is not affected. It is simply safer to withdraw your crypto into your own wallet.
Stop spreading falsehoods. Crypto is not FDIC insured.
People STILL keep their coins with the exchanges??? My GOD
Yup. Unbelievable.
It’s just a cleansing of trash like in 2000. All players who survive is going to be trillion dollar companies in next 10-20 years. Have cash at hand to shop when all of this clears up. Time to get wealthy! 💰💸💵🤑
Lol. Trillion dollar companies doing what exactly?
People asked the same question about Amazon - Lol a book selling company? It was a penny stock down 80%. Wall Street undervalued it. Same thing is going to happen for crypto, AV, lidars and block-chain companies. Consolidation will happen and strong players will emerge as global leaders.
Don’t worry about it. El Salvador has your back and buying the dip. Who said bitcoin doesn’t have real world use case?
I got fucked coz of GUSD earn program. Thankfully had limited exposure (less than 0.02 percent of net worth) but still sizable. Any likelihood the funds will ever make their way back?
Sorry to hear that. My guess is at best you might see a small fraction of your funds after many many years. But most likely they will disappear completely, esp. when a firm is HQ outside the US.
Both Genesis and Gemini are based out of the US
Is this the second-order collapse people warned about?
These would have happened even without FTX collapse. There is a lot of deception and delusion in the industry. Firms might be using FTX collapse as a pretext.
All the crypto lending platforms and most DeFi entities will crash. Vanilla exchanges should be fine.