These crypto fraudsters including Winklewoss twins need to do some serious jail time. This entire pyramid scheme needs to go down before more ignorant people are scammed. It is mind boggling how corrupt and ineffective SEC is. #crypto #bitcoin #fraud #gemini https://www.axios.com/2023/01/17/gemini-earn-customers-cryptocurrency-savings
Not your keys not your crypto. Not anyone's fault if you give your money to someone else then come crying when they can't or don't feel like paying you back
Fraud is a crime. You cannot misrepresent financial products to customers, even to the stupid ones that believe in crypto.
Sure in theory. No one going to jail, wanna bet? Also what is stupid about crypto? It prevents stuff like this when used properly.
Gemini clearly stated multiple times that GUSD is backed by Fiat in FDIC account but Earn funds are not. The moment someone lends on Earn, the funds leave the account and lent to Genesis. It was clearly mentioned on website at multiple places. There was literally a message next to Earn saying “Warning. Below are the risks of Earn” Customer is stupid here
I agree that any customers dealing with crypto shit is stupid. Can you explain how is GUSD backed Fiat in FDIC? Does each customer that holds GUSD have a corresponding account with equivalent Fiat that is backed by FDIC?
Yes. GUSD to USD is 1:1 backed. Gemini publishes audit docs every quarter showing their balance sheet of USD in bank accounts. It aligns with GUSD volume. Earn program doesn’t come under that. It’s clear in their definitions and terms. No. Not everyone dealing with crypto is stupid. Some know the risks and made big profits while others lost. Just like anything. Stock market is no different
That email wasn't damning, the fiat is in FDIC, but they don't own fiat any more
First off fuck Gemini and all shitcoin casinos. That said, I don’t think OP actually read what happened here. There was no fraud.
@OP The title of your post is misleading. I think that’s your interpretation of the article. Gemini has stated clearly on its website that GUSD in the Earn program are not FDIC insured.
I used their EARN service before. I remembered they clearly stated that the fund was NOT INSURED.
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Whoever believes they can earn 8% on FDIC insured deserves their own share of blame. The greed gets them
Not everyone is financially savvy.
Ibond has entered the chat, not FDIC but close enough