Gemini Earn users earn $2.18 billion in crypto, representing a 232% recovery
Gemini Earn users recover $2.18 billion in digital assets, representing a 232% recovery.
Users receive 100% of their crypto returns, with the initial distribution representing 97% of users' assets.
Gemini has announced that customers of its Gemini Income program have acquired digital assets worth $2.18 billion.
The distribution is in-kind and represents a 232% recovery for IRN users, Gemini founder and CEO Tyler Winklevoss and founder and president Cameron Winklevoss said in a news release.
Gemini Earn users earn $2.18 billion in digital assets
At Gemini's announcement, the distribution of $2.18 billion will account for 97% of the past digital assets for Gemini IRN users. The initial charge is an additional $1 billion, or 232%, in the recovery of consumer digital assets following Genesis' withdrawal and bankruptcy.
Commenting on the payment in kind, Gemini said that a customer who deposits one bitcoin will get one bitcoin back. Gemini assured Earn users that they would receive “any and all appreciation” of their digital assets since they loaned them to the program.
Long wait
Crypto lender Genesis will stop issuing funds in November 2022, a development following the shocking collapse of cryptocurrency exchange FTX. Genesis has revealed that it has high exposure to the emerging crypto exchange.
While the value of the crypto fell amid the ensuing chaos, including when the price of BTC dropped to $15,600, the price of BTC has risen over the past two years.
In March of this year, Bitcoin reached a new all-time high above $73,000. When Genesis filed for Chapter 11 bankruptcy in January 2023, the highest digital asset traded was $22,700.
Gemini users are getting their digital assets back after a US bankruptcy judge approved Genesis Global's Chapter 11 winding-up earlier this month.
Get users to receive 100% of their assets
In February, Gemini announced that it would return 100% of users' assets following an agreement with Genesis and other creditors of the accused crypto lender.
According to today's announcement, users will have to maintain the balances for the next 12 months.
“It's important to note that the Genesis breach is not a crypt problem. According to Gemini CEO Tyler Winklevoss, it was a long-standing financial fraud that was exacerbated by a lack of regulatory transparency.
The exchange is said to have contributed $50 million in revenue.
