Thursday, May 30, 2024 Earn users have received $2.18 billion in initial distributions of their digital assets. These distributions account for: The valuation of the returned digital assets to Earn customers is based on the prices as of May 28, 2024, at 10 am ET.
The Earn program allowed Gemini customers to lend their funds to Genesis, a third-party borrower. After Genesis stopped redemptions in November 2022 and declared bankruptcy in January 2023, about 232,000 Earn users were unable to access their digital assets, then valued at approximately $940 million. This recovery is unprecedented in both crypto and general bankruptcy contexts.
It follows Gemini’s announcement of a tentative settlement with Genesis and other creditors in the bankruptcy proceedings, ensuring that all Earn users will receive 100% of their lent digital assets back. For instance, a customer who lent one bitcoin will receive exactly one bitcoin back, benefiting from any increase in value since the initial lending. To support this resolution, Gemini has contributed an additional $50 million to aid the recovery of Earn users.
“We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout,” said Cameron Winklevoss, Co-Founder and President of Gemini. Today’s initial distributions cover about 97% of the digital assets in the Earn program.
Earn customer.
