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 Earn program (as of November 16, 2022 — the date Genesis suspended redemptions), you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program.”Notably, the exchange’s announcement coincided with news that the failed crypto lender Genesis got Court approval to return around $3 billion of its customers’ assets.Meanwhile, this development marks a significant relief for Earn users, whose assets have been frozen since November 2022 due to the liquidity crisis that hit Genesis, the now-bankrupt crypto lender.The community has broadly welcomed Gemini’s plan, especially given the substantial increase in asset values since 2022. For example, Bitcoin’s average price has surged to over $67,000, while Ethereum’s price has risen to over $3,000.Gemini Earn is an interest-bearing product that has been controversial since Genesis filed for bankruptcy last year. The program was suspended in January 2023 after the crypto trading platform terminated the Master Loan Agreements with Genesis.Since then, Gemini has pursued extensive legal action against Digital Currency Group, Genesis’s parent company, on behalf of over 200,000 Earn users. Gemini alleges that Digital Currency Group was aware of Genesis’s insolvency since 2022 but failed to inform investors.The Earn program also attracted regulatory scrutiny from the New York State Department of Financial Services (NYDFS) and the US Securities and Exchange Commission (SEC), both alleged violations of federal securities laws. Gemini has since settled with both regulators.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Get the latest crypto news and expert insights. Delivered to you daily.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.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.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.
