Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement. These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022. In-kind […]
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Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month. According to a recent statement, the exchange clarified: “As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the […]
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Bankrupt crypto lender Genesis Global has consented to a $21 million civil penalty tied to the now-defunct Gemini Earn lending initiative, according to a March 19 statement from the US SEC. Under the settlement terms, the SEC will not be paid the penalty until Genesis satisfies all bankruptcy claims, including those from Gemini Earn investors. […]
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Barry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete with the likes of Coinbase and FTX.
Under the proposed plan, Gemini Earn users may only recover 61% of their lost funds in a worst-case scenario.