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As a settlement with NYDFS, Gemini has been asked to repay $1.1 Billion to the customers of its Earn program.
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The Winklevoss twins are also required to pay a penalty of $37 Million to NYDFS.
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If the court approves the settlement, Earn users are ‘expected’ to receive 97% of their assets by the end of April 2024.
The Winklevoss twins – Cameron Winklevoss and Tyler Winklevoss own the crypto firm Gemini Trust Company, founded in 2014. They were among the first prominent figures to disclose their Bitcoin holding of $11 Million publicly.
The Winklevoss twins’ net worth is approximately $1.6 Billion as of May 2023, which is more than the combined amount of penalty and repayment. Their net worth is primarily attributable to their Bitcoin holdings.
Developments in the Filing Against Gemini
On February 28, Genesis shared a post to announce the settlement details with creditors in the bankruptcy. As a part of a settlement w
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