Amid a troubling period, Gemini has raised customer hopes with the promise of a “big day.”
Speculations are rife in the air after popular cryptocurrency exchange Gemini made a social post teasing a “big day.” At this stage, it is unknown what the company hopes to announce, even though many users have expressed thoughts on what the ideal big day would mean for them.
Big day tomorrow
— Gemini (@Gemini) November 12, 2023
A follow-up update from Gemini suggests the pending announcement may be related to its mobile application, with the post including a mobile phone emoji. However, even the platform’s most significant mobile release or update will fail to catch the attention of many users seeking a refund on lost assets.
Gemini Earn Users Keen for a “Big Day” Payback
Recall that Gemini was one of the leading cryptocurrency platforms caught up in a chain of events that led to the downward spiral of the crypto market in 2022. Specifically, Gemini collected and lent user funds to crypto lender Genesis Global Capital through its Earn product.
Genesis engaged in several uncollateralized lending deals, mainly involving now-bankrupt crypto fund Three Arrows Capital. Genesis ended up in its own bankruptcy proceedings, with over 340,000 Gemini customers losing an estimated $900 million worth of crypto assets. The involved companies are already facing a U.S. SEC lawsuit related to the losses.
However, for many affected customers, recovering their funds would be the ideal definition of a “big day” from Gemini. Commenting on the recent update, X-user Davicio.ron questioned whether the much-anticipated announcement involved a payback of Gemini Earn funds.
Several other users expressed a similar sentiment, while some noted that the update may be linked to new mobile user interface upgrades or integrations.
In the meantime, Gemini has expressed its commitment to making customers whole by recovering as much as possible in the Genesis bankruptcy proceedings. Gemini is also actively pursuing legal recourse against Genesis’s parent company, Digital Currency Group (DCG), for misleading information in the buildup to the multi-million dollar heist.
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