On February 28th, Gemini announced a settlement with Genesis that will result in all Earn users receiving "100% of their digital assets back".
According to the proposed settlement, the 232,000 Earn users will receive 97% of their assets in the next 2 months, with the remaining 3% assets being distributed over the course of the next 12 months.
The finalization of the proposed settlement depends on obtaining approval from the Bankruptcy Court.
If approval is given, Gemini Earn users will receive $1.8 billion in total assets, which is $700 million more compared to when Genesis halted withdrawals back in November 2022.
Below is the email update sent out to Gemini users who had their funds stuck in Earn:
For some light backstory on this situation: Genesis, a crypto lending/trading platform, halted withdrawals on November 16th, 2022, after the devastating collapse of FTX.
This decision affected Gemini, as their Earn program would send crypto to Genesis to hold and this would generate interest for Gemini users.
This halting of withdrawals on Genesis has prevented Gemini from paying back their own customers for more than a year at this point.
"We've worked tirelessly over the past 15 months to advocate for Earn users and seek the return of their assets. As a part of this settlement, Gemini is contributing $40 million to Earn users' recovery.
As responsible stewards of the crypto ecosystem, we know that our customers value the ability to hold their digital assets through the ups and downs of crypto market cycles. Being able to return assets on a coin-for-coin basis to our customers was critical for us.
We recognize the hardship presented by this lengthy process, and we are deeply appreciative of our customers' patience and support along the way."
-- Gemini Earn Update
I am not sure if I have mentioned this in one of my previous posts, but I was one of the unlucky people to have assets in Gemini's Earn program.
It has been a small hell waiting since late 2022 for any news regarding the return of my assets, but today's news has almost made the wait worth it.
Now, I can only hope that the proposed settlement is approved by the Bankruptcy Court.
Despite this exceedingly positive news, I will not be happy until the assets are back, and able to be accessed, in my account.
With all that said, this is easily the best resolution to a situation like this.
I just want to say that does feel good to be back writing.
After seeing the news, I found myself very motivated to find some time and write this post. Although, I do feel a bit rusty.
I am not sure if I will ever get back to daily posting, but I will do my best to carve out time and get more posts out to you awesome readers!
Do you think the proposed settlement plan will be approved by Bankruptcy Court?
What are your thoughts on this news? Join the conversation below!
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