Gemini Earn
Shut DownLending · born 2021 · ✝ 2023
A yield program that froze customer funds when its lending partner failed.
Gemini Earn let users earn yield by lending crypto through partner Genesis. When Genesis halted withdrawals, roughly $900M of customer assets were frozen, and the program was shut down.
- Peak
- ~$900M customer funds frozen
- Cause
- Shut Down
- Year of death
- 2023
☠️ Cause of death
Earn routed customer deposits to Genesis, which collapsed and stopped redemptions; customers lost access until a later recovery settlement.
📓 Lessons left behind
- —Yield products often hide a single risky lending counterparty.
- —A trusted brand's product can fail through its partners.
- —Read where 'earn' yields actually come from.
🌱 The idea that survived
Transparency in yield sourcing
Demand for clear disclosure of where deposit yields originate before committing funds.
#yield#lending#frozen-funds