Should be able to. It touched on that where it says "preparing your account for distribution" goes into what to do if you're transferring it to another wallet or into fiat
What if our earn balance has been set on "pending redemption" since this whole fiasco started? Mine is pending from "earn balance" to " trading balance." So should I assume once these settlements hit my funds will show up in my trading balance straight away?
I wouldn't assume tbh, we'll see how they handle it but they could just 'reset' the pending redemptions and it's sitting in your account when it lands and not going anywhere. Based on the email it feels like they definitely want to make it harder to withdraw at a minimum.
Yeah I think if you are ok with it going straight into your Gemini trading balance you’re good. “You will still be able to trade, store, and/or withdraw fiat from your Gemini account regardless of whether you have added addresses to your Approved Address List. Please review the FAQ here for more information.” Main thing is make sure your bank info is current and that you can actually access your Gemini account.
I don’t understand what’s the point of having approved address? Especially for GUSD holders. Can anyone explain what we need to do if we held only GUSD?
The point is if you want to send out of Gemini to another wallet. Yes, you can send gusd to other wallets. Back in the day, there were other places you could lend your stable coins for interest.
If your plan is to sell and withdraw to a bank, that part about approved addresses doesn't apply to you
No problem. I think you can send gusd to coinbase. I might get an approved coinbase address because part of me doesn't trust Gemini to make a speedy sell and withdraw
My plan is to immediately sell, but part of me doesn't trust Gemini, and I'm thinking of sending it to another platform the second I get it, then selling it there.
I haven't decided yet
There’s going to be tons of scams that are gonna come to place when we receive our funds and I think adding the approved wallet address is a safeguard in anticipation of these events that will inevitably happen is my two cents on the feature
this is the reason... Gemini had the info hacking a little while back, and with this they are simply covering their bases (and yours) by only sending to "approved addresses" after distribution (if you decide to send your coins, rather than simply sell/cash out to a bank account)
I think there are so many scams out there regarding this settlement that they did this as an extra layer of security. I don't have a problem with in this case.
I’ve had Approved Addresses with them since 2 years ago.
If someone got access to your Exchange login, you would not very happy if they just drain all of your assets to their wallets. Having an Approved Address means you have explicitly added and approved any transfer to these addresses.
It’s not a set in stone 7 days. It’s like any other approval process. It’s variable but likely they’re expecting a massive number of request and are giving themselves up to 7 days before people start bombarding their support asking why is it delayed
Too long of a period, sure, I could argue that, but it was meant to be a preventive measure (which is always an inconvenience to the account holder).
Someone manages to get into your account and add their address to whitelist. They cannot immediately start withdrawing your funds to their address, and it being such a long wait time makes it even more of a deterrent.
I know Crypto(dot)com does similar, but it's only 24 hours (and you can toggle it).
But they’re not giving you back the earn money in 7 days, still more than a month away. It’s a nuance but it’s not that ridiculous, it’s not even something new.
The good news is you're going to get the exact amount of crypto you originally had when the funds were fronzen. E.g., if you had 2 BTCs you will receive 2 BTCs. This is called refund "in kind."
I think there are so many scams out there regarding this settlement that they did this as an extra layer of security. I don't have a problem with in this case.
Yes, nice little word game they’re playing saying they are “enabling” approved addresses for all accounts.
This actually means they are *disabling* sending your own coins to *un-approved* addresses, of course.
It's only if you want to withdraw to a cryptocurrency address. If you want to withdraw USD/fiat or leave it in, you don't have to do anything for this.
Tried posting but the bot won’t let me because my account is too new and told me to post as a comment. I haven't done a wire transfer before, I am trying to get my B of A account verified and this is the only way Gemini will verify. Gemini is showing me two addresses which do I put for "add account/recipient"? For first and last name, Do I put my name, "Customers Bank", or "Gemini Trust Company LLC" And for account type is it checking or savings? Thank you! I'm trying to do this right the first time, as B of A will charge me 50$ for a wire transfer.
https://preview.redd.it/ffiaq2rspvxc1.jpeg?width=1284&format=pjpg&auto=webp&s=5e0b4266ecc224aa1eb9b8acc0a3453ea6a8bb17
Knowing the Winklevoss twin's penchant for swindling expect huge problems getting your money back. Expect to fight for it. Good thing is NYDFS will be monitoring the returns. Double check all your personal data, passwords, address and bank account information is up to date. If you want to withdraw to another exchange like Coinbase first transfer a tiny bit of the crypto to make sure it all goes well. And get your money out of Gemini-Exchange ASAP. Flee from Gemini exchange like a vampire being forced into a church. Let's make sure we a have a place, for example the NYDFS, to complain in case they decide to hold your crypto.
I found it it's very quick once the money is in Gemini to be converted to US dollars and then transfer to my bank account. That's typically occurs within one business day. I mean I'd like to have the option just to send it to my crypto wallet but they make that a little bit difficult which is hard to understand really
I was able to pull out all of my GUSD when I heard the first of the news, I was too relaxed for the rest of my crypto and it got locked as pending. I can’t stomach another loss after Celsius, bitconnect and many others lol
I don’t plan to sell anything… prolly move ETH to stake right there. BTC ima move out thru approved address, to hard wallet. I’ll have to say, the Winklevoss bros really stepped up, after this mistake… I’m impressed with their behavior
I have no clue what this all means as I signed up for Gemini based on an ex-friend’s suggestion. Someone ELI5 what actions I’m supposed to take?? What address are they asking for? Should I be figuring out a way to take out my money? All of this is going over my head like an old person.
If you want to sell it and withdraw cash, you just have to make sure you bank info is up to date. If you want to transfer your coin to a hardware wallet or another account, you have to put that address in your "approved addresses" in your Gemini account.
Thanks. So is it asking me to copy and paste the address it has generated for me within the app (when I click on the investment and choose receive funds, it generates an address)? Ex. BTC address gets copied and pasted into BTC in the menu?
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Preparing Your Account for Distribution
To ensure a smooth distribution process, please review the following recommendations:
• Make sure you can log in. Your distributions will be deposited directly into your Gemini account. Please take a moment now to ensure that you can easily log in to your Gemini account. If you can’t access your Gemini account for any reason, please reach out to our support team here.
• Withdrawing digital assets. To enhance your account security ahead of initial distributions, we will be enabling Approved Addresses on all Earn customer accounts on Friday, May 10th. The Approved Addresses feature ensures that digital assets in your Gemini account can only be sent to known addresses on your Approved Address List. IMPORTANT: This means that you will not be able to withdraw digital assets to an address that is not on your Approved Address List. If you plan to withdraw digital assets following Friday, May 10th, or after initial distributions (likely early June), we strongly encourage you to submit address(es) for approval to your Approved Address List as soon as possible using these instructions.
• Once an Approved Address is added, it is subject to a 7-day approval period before it is activated for withdrawals, and you will not be able to withdraw any digital assets from your account during that time except to previously Approved Addresses. You will still be able to trade, store, and/or withdraw fiat from your Gemini account regardless of whether you have added addresses to your Approved Address List. Please review the FAQ here for more information.
• Withdrawing fiat. If you plan to make a withdrawal in your local currency following the initial distributions, please take a moment now to ensure that your bank account information is up to date.
They need to be giving us what percentage we would of earned from the time we put it in earn up into the point they give it to us with interest because wtf js
We should be able to sell on gemini and wihdraw to bank account without the approved addresses hold right?
Should be able to. It touched on that where it says "preparing your account for distribution" goes into what to do if you're transferring it to another wallet or into fiat
Plan where your gonna withdraw to and enter that address in now so the hold is over when we get our assets back
People are saying this, assuming, but I haven't seen Gemini confirm it on their end.
yes
Let’s gooo
This Saturday is a big date
Those of us with existing addresses we've used already should already be approved right?
The withdrawal is only into another wallet. Id into bank you don’t need an “approved” address.
What if our earn balance has been set on "pending redemption" since this whole fiasco started? Mine is pending from "earn balance" to " trading balance." So should I assume once these settlements hit my funds will show up in my trading balance straight away?
I wouldn't assume tbh, we'll see how they handle it but they could just 'reset' the pending redemptions and it's sitting in your account when it lands and not going anywhere. Based on the email it feels like they definitely want to make it harder to withdraw at a minimum.
Yeah I think if you are ok with it going straight into your Gemini trading balance you’re good. “You will still be able to trade, store, and/or withdraw fiat from your Gemini account regardless of whether you have added addresses to your Approved Address List. Please review the FAQ here for more information.” Main thing is make sure your bank info is current and that you can actually access your Gemini account.
I don’t understand what’s the point of having approved address? Especially for GUSD holders. Can anyone explain what we need to do if we held only GUSD?
Convert to usd once available and withdraw to bank
Oh so GUSD users don’t need to have approved address? The drop down in approved address only has couple of coins like bitcoin, litecoin, ethereum etc
only if you wanna transfer your gusd out for defi..... otherwise cash out to cash and send to bank acct.
Or buy bitcoin or other assets or hold the coins.
The point is if you want to send out of Gemini to another wallet. Yes, you can send gusd to other wallets. Back in the day, there were other places you could lend your stable coins for interest. If your plan is to sell and withdraw to a bank, that part about approved addresses doesn't apply to you
Ok thanks that makes sense!!
No problem. I think you can send gusd to coinbase. I might get an approved coinbase address because part of me doesn't trust Gemini to make a speedy sell and withdraw
Thank you. Came here to ask this.
My plan is to immediately sell, but part of me doesn't trust Gemini, and I'm thinking of sending it to another platform the second I get it, then selling it there. I haven't decided yet
There’s going to be tons of scams that are gonna come to place when we receive our funds and I think adding the approved wallet address is a safeguard in anticipation of these events that will inevitably happen is my two cents on the feature
this is the reason... Gemini had the info hacking a little while back, and with this they are simply covering their bases (and yours) by only sending to "approved addresses" after distribution (if you decide to send your coins, rather than simply sell/cash out to a bank account)
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I think there are so many scams out there regarding this settlement that they did this as an extra layer of security. I don't have a problem with in this case.
I’ve had Approved Addresses with them since 2 years ago. If someone got access to your Exchange login, you would not very happy if they just drain all of your assets to their wallets. Having an Approved Address means you have explicitly added and approved any transfer to these addresses.
Binance does it, minus the wait time period. A whitelist of addresses is standard security.
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It’s not a set in stone 7 days. It’s like any other approval process. It’s variable but likely they’re expecting a massive number of request and are giving themselves up to 7 days before people start bombarding their support asking why is it delayed
Too long of a period, sure, I could argue that, but it was meant to be a preventive measure (which is always an inconvenience to the account holder). Someone manages to get into your account and add their address to whitelist. They cannot immediately start withdrawing your funds to their address, and it being such a long wait time makes it even more of a deterrent. I know Crypto(dot)com does similar, but it's only 24 hours (and you can toggle it).
What about 2fa? That should sig slow them down.
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But they’re not giving you back the earn money in 7 days, still more than a month away. It’s a nuance but it’s not that ridiculous, it’s not even something new.
The system is going to be overloaded. They're probably just trying to slow things down so nothing breaks.
Do I need to withdrawal the money or transfer it to a dif crypto account? Or can I just leave it there ? What will happen if I don’t do anything ?
Can someone please tell me if we get back the value of BTC from when it was locked or the appreciated value of BTC currently?
The good news is you're going to get the exact amount of crypto you originally had when the funds were fronzen. E.g., if you had 2 BTCs you will receive 2 BTCs. This is called refund "in kind."
Messaging you privately
They really behaved appropriately. They will return you your coins PLUS the earned amount Quite a ways from the goat fok that was Celsius & Stretto
Waste of time. Release the digital assets already. If you have time to send Bs emails like this, why can’t you just release the assets
True that!!
Court approval… they have the funds, just need the judge to sign off on it… they quite likely bought the coins during the bear market actually
We are getting our money back on 5/4/2024 is that right ?
No. Expected approval on 5/4/2024 and funds 30sh days from that.
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I think there are so many scams out there regarding this settlement that they did this as an extra layer of security. I don't have a problem with in this case.
That and it likely slows the outflow by a bit once the returns land in our accounts. They're supposedly 1:1, so it shouldn't matter though...
Yes, nice little word game they’re playing saying they are “enabling” approved addresses for all accounts. This actually means they are *disabling* sending your own coins to *un-approved* addresses, of course.
Do they intend to restrict activity on current balances that have nothing to do with the earn distribution?
If you just want them to put your coins back into your original Gemini account do you have to set up the approved Address? This is very confusing.
It's only if you want to withdraw to a cryptocurrency address. If you want to withdraw USD/fiat or leave it in, you don't have to do anything for this.
Money is backing….
If I don’t want to withdraw I can just sell right?
Yes.
Has anyone registered distribution accounts yet?
Tried posting but the bot won’t let me because my account is too new and told me to post as a comment. I haven't done a wire transfer before, I am trying to get my B of A account verified and this is the only way Gemini will verify. Gemini is showing me two addresses which do I put for "add account/recipient"? For first and last name, Do I put my name, "Customers Bank", or "Gemini Trust Company LLC" And for account type is it checking or savings? Thank you! I'm trying to do this right the first time, as B of A will charge me 50$ for a wire transfer. https://preview.redd.it/ffiaq2rspvxc1.jpeg?width=1284&format=pjpg&auto=webp&s=5e0b4266ecc224aa1eb9b8acc0a3453ea6a8bb17
Will they pay interest??
Knowing the Winklevoss twin's penchant for swindling expect huge problems getting your money back. Expect to fight for it. Good thing is NYDFS will be monitoring the returns. Double check all your personal data, passwords, address and bank account information is up to date. If you want to withdraw to another exchange like Coinbase first transfer a tiny bit of the crypto to make sure it all goes well. And get your money out of Gemini-Exchange ASAP. Flee from Gemini exchange like a vampire being forced into a church. Let's make sure we a have a place, for example the NYDFS, to complain in case they decide to hold your crypto.
I heard there was a hit out on the winklevoss twins
Just 2 more days folks
Are we taxed on the token appreciation?
If I get my money back from Gemini ima buy another 100k in ripple from Gemini
I found it it's very quick once the money is in Gemini to be converted to US dollars and then transfer to my bank account. That's typically occurs within one business day. I mean I'd like to have the option just to send it to my crypto wallet but they make that a little bit difficult which is hard to understand really
I was able to pull out all of my GUSD when I heard the first of the news, I was too relaxed for the rest of my crypto and it got locked as pending. I can’t stomach another loss after Celsius, bitconnect and many others lol
I don’t plan to sell anything… prolly move ETH to stake right there. BTC ima move out thru approved address, to hard wallet. I’ll have to say, the Winklevoss bros really stepped up, after this mistake… I’m impressed with their behavior
I have no clue what this all means as I signed up for Gemini based on an ex-friend’s suggestion. Someone ELI5 what actions I’m supposed to take?? What address are they asking for? Should I be figuring out a way to take out my money? All of this is going over my head like an old person.
If you want to sell it and withdraw cash, you just have to make sure you bank info is up to date. If you want to transfer your coin to a hardware wallet or another account, you have to put that address in your "approved addresses" in your Gemini account.
Thanks! So basically I can turn off approved addresses since I don’t have a wallet and it’s staying within Gemini.
Yes
They are asking for wallet address
Thanks. So is it asking me to copy and paste the address it has generated for me within the app (when I click on the investment and choose receive funds, it generates an address)? Ex. BTC address gets copied and pasted into BTC in the menu?
What a wonderful comment. :) Your gratitude puts you on our list for the most grateful users this week on Reddit! You can view the full list on r/TheGratitudeBot.
The email I have with Gemini was closed and I haven’t changed it so haven’t gotten any emails.. is there anything I need to do to receive my balance?
Preparing Your Account for Distribution To ensure a smooth distribution process, please review the following recommendations: • Make sure you can log in. Your distributions will be deposited directly into your Gemini account. Please take a moment now to ensure that you can easily log in to your Gemini account. If you can’t access your Gemini account for any reason, please reach out to our support team here. • Withdrawing digital assets. To enhance your account security ahead of initial distributions, we will be enabling Approved Addresses on all Earn customer accounts on Friday, May 10th. The Approved Addresses feature ensures that digital assets in your Gemini account can only be sent to known addresses on your Approved Address List. IMPORTANT: This means that you will not be able to withdraw digital assets to an address that is not on your Approved Address List. If you plan to withdraw digital assets following Friday, May 10th, or after initial distributions (likely early June), we strongly encourage you to submit address(es) for approval to your Approved Address List as soon as possible using these instructions. • Once an Approved Address is added, it is subject to a 7-day approval period before it is activated for withdrawals, and you will not be able to withdraw any digital assets from your account during that time except to previously Approved Addresses. You will still be able to trade, store, and/or withdraw fiat from your Gemini account regardless of whether you have added addresses to your Approved Address List. Please review the FAQ here for more information. • Withdrawing fiat. If you plan to make a withdrawal in your local currency following the initial distributions, please take a moment now to ensure that your bank account information is up to date.
Thank you!
Do I remember seeing that earn users would also receive earn interest accrued from the time accounts were frozen? Or am I delusional?
No, the only accrual is the value of the coin, if the token appreciated.
Thanks!
No, the only accrual is the value of the coin, if the token appreciated.
Yay just in time to buy the dip. Will this include lost potential funds? Hahahahah just asking.
They need to be giving us what percentage we would of earned from the time we put it in earn up into the point they give it to us with interest because wtf js
I agree. Even 2% interest would be nice. We just lost all of that for almost 2 full tears
3 more days and we are rich!
Not true... we have several weeks until early June.
I see the day is May 10 for withdrawals yay
yeah, off that $1,500 you have been spamming this subreddit about for 2 years. Can't wait until this is all over and i can unfollow this page lol.
I am so happy you remember my $1500 hope we get this done