Earlier this year, YouTuber Oscar Ramos discovered a deal that seemed too good to be true: Gemini Earn, an interest-bearing program run by crypto exchange Gemini, said that its users could generate annual returns of 8% on ApeCoin, the native cryptocurrency issued by Bored Ape Yacht Club in March.

Ramos agreed to let Gemini Earn lend out his monkey-themed coins, which he’d bought with the intent of buying a Bored Ape NFT. “I created my account and it was fabulous. I really liked Gemini because it was so easy,” he says.

Now, Ramos’ funds–a few thousand dollars–are part of the $900 million that Gemini Earn’s customers are owed, as the Financial Times reported on Saturday (and as a source familiar with the matter confirmed to Forbes.)

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Source: https://www.forbes.com/sites/johnhyatt/2022/12/06/customers-of-crypto-billionaires-winklevoss-gemini-plead-for-lost-funds/?sh=10128f6e7653

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The post Customers Of Crypto Billionaires Winklevoss’ Gemini Plead For Lost Funds first appeared on Garner Ted Armstrong Evangelistic Association.

On Tuesday, the 30-year-old CEO announced that his crypto exchange FTX is being sold to rival firm Binance in order to relieve a severe liquidity crunch. Bankman-Fried’s 53% stake in FTX was worth $6.2 billion, while another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, Bloomberg reported.

With Binance’s acquisition of FTX, Bloomberg’s wealth index now values both FTX and Alameda at $1 each, wiping out the perceived worth of Bankman-Fried’s biggest holdings.

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Source: https://www.businessinsider.com/sam-bankman-fried-net-worth-drop-biggest-one-day-collapse-2022-11

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[Disclaimer]

The post Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record first appeared on Garner Ted Armstrong Evangelistic Association.