Gemini

<p>In a significant development for users affected by the collapse of Genesis, the parent company of the Earn program, <a href="https://www.cryptopolitan.com/legal-action-alleged-4-2m-cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange Gemini has revealed an impending agreement to return digital assets to its Earn users.&nbsp;</p>
<p>The announcement on February 28, 2024, offers hope to those impacted by the bankruptcy. It outlines a plan to reimburse users with their original assets, including any appreciation accrued since lending them into the Earn program.</p>
<h2 class="wp-block-heading" id="details-of-the-settlement">Details of the settlement</h2>
<p>Gemini’s statement assures Earn users that they will receive “100% of their digital assets back in kind,” marking a substantial step towards rectifying the financial losses incurred during the Genesis collapse.&nbsp;</p>
<p>Under the terms of the agreement, users can expect a return of over $1.8 billion worth of cryptocurrencies, surpassing the frozen assets’ value by $700 million. This restitution is a testament to <a href="https://twitter.com/GeminiTrustCo/status/1762954631150207226" rel="noopener noreferrer nofollow" target="_blank">Gemini’s</a> commitment to its users’ financial well-being, particularly amid unprecedented market volatility and regulatory challenges.</p>
<h2 class="wp-block-heading" id="implications-for-earning-users">Implications for earning users</h2>
<p>The proposed settlement offers a ray of hope for Earn users, promising a comprehensive recovery of their assets. With the assurance of receiving their original assets and any accrued appreciation, users can anticipate a fair resolution to the challenges faced since the Genesis collapse.&nbsp;</p>
<p>This development provides financial relief and restores confidence in the cryptocurrency ecosystem, demonstrating the resilience of reputable exchanges in safeguarding user interests.</p>
<h2 class="wp-block-heading" id="community-response-and-industry-impact">Community response and industry impact</h2>
<p>The announcement has elicited widespread approval from the <a href="https://www.cryptopolitan.com/cryptocurrency-market-analysis-ethers-rise/" rel="noopener noreferrer nofollow">cryptocurrency</a> community, underscoring the significance of this resolution amidst the industry’s rapid evolution. Conor Grogan, a director at Coinbase, hailed the news as “massive” for the industry, emphasizing its positive implications for retail investors.&nbsp;</p>
<p>Similarly, Ram Ahluwalia, the co-founder and CEO of Lumida, acknowledged the unique circumstances faced by Gemini Earn users, highlighting the fortunate outcome of being “forced long” on a high-performing asset class.</p>

Gemini announces settlement for earning users’ crypto assets

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