Gemini Earn Creditors Furious as Bitcoin Payouts Plummet

Gemini Creditors Revolt Against ‘Brutal’ Plan to Slash Bitcoin Through Reorganization

Gemini creditors upset over Bitcoin slashing reorg plan.

Attention, digital asset investors! Grab your popcorn and get ready for some drama because Gemini Earn creditors are not happy campers right now. A proposed reorganization plan has sent shockwaves through the community, with Bitcoin payouts potentially being slashed by a jaw-dropping 70 percent. Ouch!

In a move that can only be described as straight out of a twisted soap opera, Gemini Trust dropped the bomb in an email to creditors on December 13. Talk about adding fuel to the fire! Now, the fate of their promised Bitcoin payouts rests on a precarious vote. Will these frustrated investors get justice, or will they be left crying in their digital wallets? Only time will tell.

Let’s dive into the nitty-gritty details of this high-stakes plot. Under the proposed plan, creditors will receive a payout equal to their Earn crypto balances as of January 19, 2023—the fateful day when Gemini’s cryptocurrency lending partner, Genesis Global Capital, filed for bankruptcy. But here’s the kicker: back then, Bitcoin was a mere $20,940, and Ether was a measly $1,545. Fast forward to today, and these crypto powerhouses are standing tall at $42,750 and $2,250, respectively. Talk about a significant upgrade!

If this plan gets the green light, creditors might need to grab their smelling salts because the recovery rate could plummet by a whopping 61 percent. Yikes! So what does that mean for those Bitcoin holders out there? Brace yourselves for this one—each Bitcoin that a creditor had locked in the Earn program could be worth a paltry $12,773. That’s a mere 30 percent of its current value. It’s like going from a luxurious mansion to a cramped studio apartment in the blink of an eye. Ouch!

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Unsurprisingly, the community is up in arms about this proposal. A chorus of dissenters has risen, urging creditors to stand their ground and “VOTE NO.” Let’s not forget the disgruntled Andrew Aleid, who declared this plan to be nothing short of a “spit in our faces.” Now that’s what I call a fiery response! Ian Malcolm, another dissatisfied customer, didn’t mince words either, stating, “You stole our money. Give it ALL back, every single dollar.” Way to go, Ian! Say it like it is!

Gemini Trust’s credibility is definitely taking a hit from this fiasco. How can they expect their customers to trust a single word they say when they’ve been deceiving and lying for over a year? It’s like promising a sky full of stars and delivering nothing but empty darkness. Shame on you, Gemini Trust!

But wait, there’s more to this twisted tale. BC, another vocal critic, believes that everyone should be paid back in full. Anything less is simply unacceptable. Can I get an amen from the crowd? BC knows what’s up!

Let’s not forget the origins of this sordid affair. Gemini Earn, once promising users interest in cryptocurrencies, now finds itself embroiled in a messy legal battle. They withdrew hundreds of millions of dollars from Genesis to fuel their program, only for Genesis to go belly up. Now, Gemini wants to recover a whopping $1.6 billion from Genesis for the sake of Earn users. Talk about karma biting back!

So, dear readers, the choice rests in the hands of the creditors. They have until January 10, 2024, at 4 pm Eastern Standard Time to either accept or reject Gemini’s plan. It’s a make-or-break moment that could determine their financial fate. And mark your calendars because on February 14, 2024, the bankruptcy court will pass the final judgment. Will justice prevail or will these creditors be left with a bitter taste in their mouths?

Stay tuned, folks! This is one digital drama that’s far from over. In the meantime, keep a close eye on your investments and remember, even in the wildest of storms, there’s always a silver lining.

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