On 16th November, Gemini Earn paused withdrawals from their program:
https://www.gemini.com/blog/an-important-message-regarding-gemini-earn
Partipants in this program got interest on their coins. The way this interest was earned was by lending the coins to hedge funds and short-sellers via lending middleman Genesis.
As everyone now knows, Genesis lent the coins to Alameda/FTX and the coins are gone. Genesis is trying to raise a loan so it can repay Gemini users.
But what is Gemini doing to resolve this? Surely they should dig into their pockets and make their users whole again as a gesture of goodwill. They can then pursue Genesis later for the coins.
Instead they are still pausing withdrawals and their customers are getting more and more anxious. In August, Gemini said it had $3 billion worth of coins in it's Earn program. Perhaps that's too big an amount for them to make good. Perhaps they never bothered to take out insurance in case of loss of coins.
Whatever happens, this episode will leave a sour taste in their users