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
@Gemini featured via @MobbinDesign s/o my design org for all the hard work and dedication, delivering one of the most elegant, delightful and user-centric experience in crypto. Your dedication does not go unnoticed! #productdesign https://t.co/9CeN7q5JJ0
1/ Yesterday was a tough day for our industry. Our hearts go out to all those impacted by recent events at FTX. We are all working together to build a brighter future and moments like these are painful.
As seen (and called out) in The New York Times™, The Gemini ‘Rage Against The Machine’ T-Shirt, that I designed being worn by Gemini’s co-founder, Cameron Winklevoss. @ Miami, Florida https://t.co/D76Tbj2s08
@shervin I worked on a similar product at R/GA for Nike on the Nike+ Training and Nike+ Basketball shoes and app. Are you familiar with those products? They only had a 1yr life before Nike pulled them. Would love to compare experiences.