Earn Update: Today, we are pleased to announce that final Earn distributions — representing the remaining 3% of the digital assets owed to you as of the suspension date (November 16, 2022) — will be available in your Gemini account within 7 days.
With this final distribution, Earn users will have received 100% of the assets owed to them.
We will notify you by email when your final distribution is available in your Gemini account.
We are also pleased to announce that in connection with the final Earn distribution, Gemini has entered into an agreement with the New York Attorney General (NYAG) to settle the lawsuit the NYAG brought against Gemini on October 19, 2023.
We are excited to deliver this full recovery to you and appreciate your ongoing patience and support throughout this process.
Notice Regarding Gemini Earn Customers: Gemini Trust Company, a New York State chartered virtual currency entity, has returned $2.18 billion in digital assets to Earn customers.
Learn more: https://t.co/nma77g1xEG
Today, Earn users received $2.18 billion of their digital assets in kind. These initial distributions represent:
• 97% of digital assets owed to Earn users
• $1 billion more than when Genesis halted withdrawals
• A 232% recovery from when Genesis halted withdrawals
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.
This means, for example, that if you had lent one bitcoin in the Earn program, 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.
In order to ensure this successful resolution, Gemini has also contributed $50 million to the Earn users’ recovery.
We recognize the hardship caused by this lengthy process and appreciate your continued support and patience throughout.
Finally, 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. To that end, 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.
Full announcement here → https://t.co/SMbZHSCH5P
Earn Update: Today, we are pleased to announce that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind.
This means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back as part of this settlement. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program. If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022.
Looking forward, if the Bankruptcy Court approves the settlement in principle announced today, Earn users can expect to receive approximately 97% of their assets in kind within about two months. And they can expect to receive their remaining asset balance within the next 12 months.
The settlement in principle is subject to definitive documentation. The required Bankruptcy Court process could take as long as two months to complete, and we will keep Earn users informed along the way. Gemini thanks the New York Department of Financial Services (DFS) for its role in this settlement, which delivers a coin-for-coin recovery for Earn users.
Read our full update at https://t.co/89HTYDRuHR
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To qualify, reply to this tweet and include the following:
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