Gemini has terminated the Master Loan Agreement (MLA) between Earn users and Genesis.
The termination meant that the crypto yield program had ended.
The loan agreement termination is effective January 8.
Gemini said it would “operate with the utmost urgency” to return Earn users over $900 million stuck with Genesis.
Crypto exchange Gemini has informed its Earn users that it has terminated Genesis’ loans and, in effect, ended the yield program.
The exchange said in an email sent to its customers on Tuesday that it has terminated the Master Loan Agreement (MLA) between its users and Genesis Global Trading, Genesis’ lending arm.
“This […] requires Genesis to return all assets outstanding in the program. Existing redemption requests are not impacted and continue to await fulfillment by Genesis,” Gemini said.
The exchange said it will prioritize returning them over $900 million stuck with Genesis and “operate with the utmost urgency.”
The loan termination is ef
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