As we wrote previously it looks as though Gemini's Earn program just dumped all the funds into Genesis. And Genesis, in turn, sent a lot of those funds on to the DCG parent company, which bought some mixture of GBTC and DCG stock.
Gemini Earn, at about US$900 million, looks like Genesis's largest individual creditor. The program involves a large number of individual investors, but Genesis has a contract with Gemini Earn for that money. The Earn program itself was merely a pass-through vehicle, taking in investor funds and sending them on to "earn yield" with Genesis. Consequently Earn's managers, headed by the Winklevoss twins, are negotiating with DCG on behalf of their own creditors.
Read more: DCG: Et Tu, Barre?
And Earn did one more thing here: it collected fees. Lots of them. To give Gemini credit, this fee schedule is still online here. And the fees are big: between 3% and 4% for GUSD and USDC, with a few tokens still coming in at 4.29% as of now. The Wayback Machine shows us that 1%+ fees have been around for a long time. And now it looks like Gemini collected those fees only to dump all the assets into Genesis/DCG. What were investors paying for exactly?