Gemini Earn Users Receive $2.18Bn of Their Assets in Kind, Winklevoss Call Genesis 'Old-fashioned Financial Fraud'
On Wednesday, initial Earn distributions - approximately 97% of the digital assets owed Gemini Earn users by Genesis as of the suspension date (November 16, 2022) - were distributed and deposited to their Gemini accounts.
- The initial distributions are in kind, meaning that users who lent one bitcoin in the Earn program will receive one bitcoin back.
- In order to ensure successful resolution, Gemini has also contributed $50 million to the Earn users’ recovery. Users can expect to receive remaining asset balance within the next 12 months, the exchange said.
"It’s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity," Cameron and Tyler Winklevoss said in the announcement.
- "We are thrilled that we have been able to achieve this recovery for you. We recognize the hardship caused by this lengthy process and appreciate your continued support and patience throughout," added the exchange's co-founders.
