Bloomberg: Gemini withdrew approximately $282 million before Genesis filed for bankruptcy to ensure Gemini Earn customers could redeem

ChainCatcher news, citing sources from Bloomberg, reported that in August 2022, the cryptocurrency exchange Gemini withdrew approximately $282 million from Genesis a few months before Genesis froze deposits and ultimately filed for bankruptcy.

According to insiders, the funds withdrawn from Genesis were used to establish reserves to ensure that customers of Gemini Earn could redeem their investments immediately.