Curious what people’s perspective is in this subreddit for the loan program Gemini had with Genesis. I chose to vote no as I believe the people with far more money deserve the chance to recover more. The current bankruptcy plan would settle with BTC at a price of like $12k when it was at 18-20k when the scam went down. Just doesn’t sit right that some people may have bought in when I did and are missing out on close to 300% returns. I just put some shits and giggles amounts in that I could afford to lose and EASILY lose. I know a lot of others weren’t so lucky.
More specifically, I saw to borrow Genesis had to offer some absurd amount of future shares as collateral from cryptocurrency ETFs. I think they seek to be getting away from way more creditors. Don’t quote me on this, but I believe like 95% of their creditors come from the 300,000 people scammed by the earn function. Further, apparently there’s evidence Gemini knew or should’ve known Genesis was defunct? This situation is kinda nuts.
Whether or not you’re a part of the class, what do you think the best outcome is and why?
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