Crypto exchange Gemini said Earn users would receive “100% of their digital assets back in kind” following an in-principle agreement with bankrupt Genesis and other creditors of the failed lender, according to a Feb. 28 statement.
The firm explained:
“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.”
Gemini furthered that the settlement would return over $1.8 billion worth of crypto, surpassing the amount frozen during the withdrawal suspension in November 2022 by $700 million.
The exchange stated that the agreement is pending finalization and requires approval from the Bankruptcy Court.
If the Court approves, Earn users will receive 97% of their assets within two months, with the remaining 3% to be disbursed over the subsequent 12 months.
“Gemini thanks the New York De
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