{"id":13937,"date":"2024-05-30T16:38:45","date_gmt":"2024-05-30T13:38:45","guid":{"rendered":"https:\/\/forklog.com\/en\/gemini-earn-users-to-recover-2-18-billion-in-assets\/"},"modified":"2024-05-30T16:38:45","modified_gmt":"2024-05-30T13:38:45","slug":"gemini-earn-users-to-recover-2-18-billion-in-assets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/gemini-earn-users-to-recover-2-18-billion-in-assets\/","title":{"rendered":"Gemini Earn Users to Recover $2.18 Billion in Assets"},"content":{"rendered":"

Users of Gemini Earn will receive a full return of assets totaling $2.18 billion, over a year after the program’s closure due to the bankruptcy of Genesis. This was announced in a blog post<\/a> by the exchange.<\/p>\n

The funds will be distributed in kind, meaning in the cryptocurrencies that were originally locked on the platform at the time withdrawals were halted.<\/p>\n

According to Gemini, the payout volume represents a 232% increase in asset value since November 2022. <\/p>\n

\n

\u201cWe are pleased to have achieved such a recovery for our clients. We recognize the difficulties caused by this lengthy process and appreciate the ongoing support and patience of our users,\u201d noted Gemini co-founders Cameron and Tyler Winklevoss. <\/p>\n<\/blockquote>\n

The initial distributions will account for approximately 97% of the digital assets in the Earn program. Over the next 12 months, the exchange will unlock the remaining funds. The company has also allocated $50 million of its own funds for repayments. <\/p>\n

Gemini launched the Earn program in 2021, allowing clients to lend their cryptocurrency to the now-bankrupt Genesis Global Capital and earn<\/a> up to 7.4% annually. <\/p>\n

Genesis Global Holdco and its subsidiaries filed for Chapter 11 bankruptcy in the US in January 2023 due to significant losses following the collapses of Three Arrows Capital and FTX. <\/p>\n

In May 2024, Genesis received court approval to distribute $3 billion in fiat and cryptocurrencies among its creditors, which accounted for about 77% of the firm’s total liabilities.<\/p>\n

Earlier, in February, the New York Attorney General’s Office tripled the alleged fraud amount to over $3 billion<\/a> in the case against Gemini, Genesis, and Digital Currency Group.<\/p>\n

In the same month, the Winklevoss exchange committed to returning $1.1 billion<\/a> to Earn users as part of a lawsuit settlement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Users of Gemini Earn will receive a full return of assets totaling $2.18 billion, over a year after the program’s closure due to the bankruptcy of Genesis. This was announced in a blog post by the exchange. The funds will be distributed in kind, meaning in the cryptocurrencies that were originally locked on the platform […]<\/p>\n","protected":false},"author":1,"featured_media":13936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1309,719],"class_list":["post-13937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-compensation","tag-gemini"],"aioseo_notices":[],"amp_enabled":true,"views":"105","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13937"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13936"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}