The New York-based crypto platform Gemini announced Wednesday that users of its Earn program are receiving $2.18 billion worth of digital assets through an in-kind distribution.“This represents an unprecedented recovery among crypto bankruptcies,” the company said in a When approximately 232,000 Earn users lost access to their funds in 2022, their collective crypto assets wereFounded in 2014 by Cameron and Tyler Winklevoss, Gemini was engaged in an acrimonious dispute over Earn funds with Genesis, the defunct crypto lending company that halted customer withdrawals in 2022 amid plunging crypto prices and is owned by Digital Currency Group.Representing a 232% increase in U.S. dollar value from when Genesis paused withdrawals, the payout for Gemini Earn users contrasts with the resolutions of some crypto bankruptcies.For example, the bankrupt crypto exchange FTX In February, Gemini said it would return $1.1 billion in digital assets to Earn users. At the same time, the company As part of the settlement, Gemini said it would contribute $40 million toward the recovery of user funds as well. On Wednesday, updating that figure to $50 million, the company said its in-kind distribution reflects 97% of the digital assets it owed to Earn users.The remaining balance should be received by customers over the next year, Gemini said. In March, the bankrupt crypto lender Genesis paid $21 million to Last October, Gemini “We recognize the hardship caused by this lengthy process,” Gemini co-founder and President Cameron Winklevoss said in a statement, adding the company is “thrilled that [it has] been able to achieve this recovery for customers.”Edited by Andrew Hayward
