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.The exchange explained that the assets were returned in kind, meaning that if a user lent one Bitcoin to the Earn program, they received one BTC back. This would represent a 232% recovery for Earn users, as the value of several digital assets has significantly increased compared to two years ago.Gemini’s founders, Cameron and Tyler Winklevoss, highlighted the significance of this recovery, stating:“This represents an unprecedented recovery among crypto bankruptcies, as well as bankruptcies in general, and follows our previous announcement that we reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in kind.”Meanwhile, Gemini stressed that Genesis’s bankruptcy was not a result of issues within the crypto industry but stemmed from “old-fashioned financial fraud compounded by a lack of regulatory clarity” in the US.So, the company emphasized its commitment to advocating for better regulatory measures to support the industry. It stated:“We will continue to fight for clear rules and guidance for our industry that foster both innovation and consumer protection. And we will win this fight. The future is bright.”Industry analysts warn that in-kind distributions could cause substantial selling pressure as creditors liquidate their assets.Evan Cohen, a thesis investor, noted:“Lots of sellers [are] now ready to unload their 2-year locked-up crypto.”This increased trading activity may affect Bitcoin and Ethereum prices. CryptoSlate’s data shows a modest 0.73% decline in the broader market over the past 24 hours, with BTC and ETH prices now at $67,640 and $3,761, respectively.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Follow us on X for your essential dose of daily crypto news and deep dives.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
