Gemini

Order

More than a year after halting withdrawals, <a href="https://coingape.com/genesis-global-capital-agrees-21-million-settlement-sec-gemini-earn/" rel="noopener noreferrer nofollow">Gemini Earn program</a> has begun repaying over $2 billion in cryptocurrency to its users, the company announced Wednesday. This payout, which ensures customers receive their lent crypto assets, marks a step forward following a period of financial upheaval.
<h2 id="strong-gemini-begins-funds-distribution-recovery-at-232-strong">Gemini Begins Funds Distribution, Recovery at 232%</h2>
Gemini, a crypto exchange owned by the Winklevoss twins, has initiated funds distribution, representing a 232% recovery rate.
<blockquote>
 “We are thrilled that we have been able to achieve this recovery for our customers,” said Cameron Winklevoss, co-founder and president of Gemini. 
</blockquote>
Winklevoss acknowledged the challenges posed by the delay and expressed gratitude for the patience shown by their clientele. Gemini launched the Earn program in 2021 and partnered with <a href="https://coingape.com/just-in-ftx-voyager-secure-450m-settlement-in-bankruptcy/" rel="noopener noreferrer nofollow">Genesis Global Capital</a>, LLC. This partnership allowed users to earn up to 7.4% APY on their crypto loans.
Unfortunately, Genesis Global Holdco, the parent company, filed for bankruptcy protection in January 2023. This was due to the collapse of giant players in the crypto market, including 3AC and the <a href="https://coingape.com/breaking-former-ftx-exec-ryan-salame-imprisoned-for-7-5-years/" rel="noopener noreferrer nofollow">FTX exchange</a>, in 2022. These events led to freezing withdrawals, straining customer relations, and Gemini’s operational stability.
<h2 id="strong-tyler-winklevoss-defends-crypto-amid-legal-issues-strong">Tyler Winklevoss Defends Crypto Amid Legal Issues</h2>
The Earn program’s troubles extended into the legal arena, facing challenges from federal and state regulators. Last year, the Securities and Exchange Commission (SEC) filed a lawsuit claiming that the Earn program was an unregistered securities offering. Gemini and Genesis responded by seeking to dismiss the charges. Furthermore, the New York Attorney General’s Office launched a lawsuit against Gemini, Genesis Global, and <a href="https://coingape.com/genesis-debt-repayment-creditors-digital-currency-group-dcg/" rel="noopener noreferrer nofollow">Digital Currency Group</a> (DCG) related to the lending program.
However, Gemini agreed to a settlement with the New York State Department of Financial Services, which included a $37 million fine and a commitment to return $1.1 billion to Gemini Earn customers. This agreement was critical in stabilizing the firm’s operations and restoring trust among its users. Following the announcement of this settlement, shares of Gemini Group Global Corp (GMNI) have surged by 17.50%.
<a href="https://coingape.com/genesis-creditors-to-receive-97-payout-by-may-following-court-nod/" rel="noopener noreferrer nofollow">Gemini </a>has reassured its customers that the remainder of their “asset balance” will be returned within the following year. Tyler Winklevoss, Co-Founder and CEO of Gemini, emphasized that the underlying issue was not inherent to cryptocurrency but was instead tied to traditional financial fraud exacerbated by unclear regulatory frameworks. 
<blockquote>
 “It’s important to note that the Genesis bankruptcy was not a crypto problem,” he stated, aiming to restore confidence in the digital asset industry.
</blockquote>
Also Read: <a href="https://coingape.com/binance-exec-prohibited-hospitalization-as-nigerian-officials-flout-court-order/#:~:text=Binance%20exec%20Tigran%20Gambaryan%20is,over%20her%20husband%20well%20being." rel="noopener noreferrer nofollow">Binance Exec Prohibited Hospitalization As Nigerian Officials Flout Court Order</a>
The post <a href="https://coingape.com/just-in-gemini-earn-program-begins-repaying-2-18b-to-users/" rel="noopener noreferrer nofollow">Just In: Gemini Earn Program Begins Repaying $2.18B to Users</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Just In: Gemini Earn Program Begins Repaying $2.18B to Users

Table of Contents

Coingape News Media

Other articles published on May 29, 2024

Here’s Why Shiba Inu (SHIB) Meme Coin Price is Pumping

Assessing whether Solana can reach $200 before May ends

How XERAPRO connects users with tech experts

Top 3 Memecoins with Massive Upside

The Ledger Stax Finally Ships: Innovative Features and Secure Design

Majority of gamers still unaware of blockchain gaming — survey

Join our free newsletter for daily crypto updates!