Summary
Gemini announced a settlement in the Genesis bankruptcy case to return $1.1 billion in digital assets to users of the Earn program. Gemini sued Genesis for control of assets after the collapse of FTX in 2022. Earn program participants will receive their original Bitcoin plus any increase in value. Gemini will also contribute $40 million towards recovering user funds. If approved, users can expect to receive 97% of their assets within two months and the remaining balance within 12 months. Gemini values returning assets to customers during market fluctuations.
Key Points
1. Gemini, a New York-based cryptocurrency exchange, has reached a settlement with Genesis in the bankruptcy case, agreeing to return $1.1 billion in digital assets to users of the platform’s Earn program.
2. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini offers a range of financial services in addition to cryptocurrency exchange, including staking, wallets, cold storage, credit card services, and an NFT marketplace.
3. Participants in the Earn program will receive 100% of their digital assets back in kind, with Gemini contributing $40 million towards recovering user funds and assets expected to be returned within two months to a year, subject to approval by the Bankruptcy Court.