EddieJayonCrypto
29 Feb 24
Gemini Earn customers will receive 100% of their locked-up holdings, which could amount to over $1.1 billion, following Genesis Global Capital's bankruptcy case. This resolution comes after a settlement with the New York Department of Financial Services, in which Gemini will pay $40 million to Genes...
Gemini Earn customers will receive 100% of their locked-up holdings – potentially north of $1.1 billion – from the now-defunct program after a settlement with the New York Department of Financial Services, NYDFS announced Wednesday afternoon. As part of the settlement, Gemini will give Genesis – which provided services that helped Earn function – $40 million for its bankruptcy proceedings, which are ongoing, and pay $37 million to NYDFS. And, according to a press release, Gemini "has committed" to having $1.1 billion for its Earn customers by the time Genesis wraps up its bankruptcy proceedings. In a tweet, Gemini said this would amount to 100% of customers' assets, received in-kind, assuming a bankruptcy court signs off on the agreement. "Gemini commits to working through the bankruptcy process to ensure that Earn Customers make a full recovery of their virtual currency," NYDFS said.
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