Gemini to Return $2.18 Billion to Earn Users with 232% Recovery After Genesis Bankruptcy

May 29, 2024, 02:31 PM

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has announced that it will return $2.18 billion in digital assets to users of its Earn program. This follows a suspension of withdrawals that began on November 16, 2022. The distribution represents approximately 97% of the assets owed to users, with the remaining 3% expected to be distributed within the next year. The recovery rate for users is reported to be 232%, meaning the value of the returned assets is more than double their original value. The return of assets comes after a settlement with Genesis and other creditors in the Genesis Bankruptcy case, ensuring all Earn users will receive 100% of their digital assets back. Over 232,000 retail customers are affected by this recovery, which has been ongoing since January 2023.