Gemini

Bitcoin

<ul>
 <li>Members of Gemini’s Earn program received $2.18 billion in digital assets.</li>
 <li>Genesis and other creditors negotiated a settlement during the bankruptcy procedure.</li>
</ul>
Users of the now-defunct Earn lending program have started to get their funds via cryptocurrency exchange <a href="https://thenewscrypto.com/genesis-settles-with-u-s-sec-for-21m-over-gemini-earn-program/" target="_blank" rel="noopener noreferrer nofollow">Gemini</a>. A statement on May 29 states that members of Gemini’s Earn program received $2.18 billion in digital assets, which amounts to 97% of the assets owed to them and a 232% recovery after <a href="https://thenewscrypto.com/new-york-ag-reaches-2-billion-settlement-with-defunct-genesis-global/" target="_blank" rel="noopener noreferrer nofollow">Genesis</a>, a previous Gemini Earn partner, stopped allowing withdrawals.
The statement on X read:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This means, for example, if you had lent one Bitcoin in the Earn program, you will receive one Bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program.”
</blockquote>
<h3 class="wp-block-heading" id="h-absence-of-regulatory-certainty">Absence of Regulatory Certainty</h3>
Genesis and other creditors negotiated a settlement during the bankruptcy procedure, which led to the distribution of the funds. After temporarily halting withdrawals in November 2022 due to a liquidity situation, digital currency lender Genesis Global filed for bankruptcy in January 2023. Genesis has been given the green light by a judge to repay its creditors with $3 billion worth of cash and cryptocurrencies.
Moreover, on May 20, Attorney General <a href="https://ag.ny.gov/about/meet-letitia-james" target="_blank" rel="noopener noreferrer nofollow">Letitia James</a> of New York announced that her office had settled investor fraud allegations with Genesis for $2 billion. Also, Genesis was forced to discontinue operations in New York and repay monies to investors as part of the settlement. Over $1.1 billion was invested under the Gemini Earn scheme, and Genesis faced accusations of deceiving those investors.
Furthermore, as per Gemini, the Genesis collapse was not a crypto problem. The defunct exchange pointed out in their statement that the absence of regulatory certainty has only served to exacerbate old-fashioned financial fraud.&nbsp;
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/vitalik-buterin-highlights-significance-of-layer-2-protocols-in-ethereum-ecosystem/" target="_blank" rel="noopener noreferrer nofollow">Vitalik Buterin Highlights Significance of Layer-2 Protocols in Ethereum Ecosystem</a>

Gemini Distributes $2.18 Billion in Digital Assets to Earn Program Users

Table of Contents

TheNewsCrypto

Other articles published on May 30, 2024

Dogwifhat (WIF) Price Increases by 27% in a Week

MAGA Hat, Super Trump soar as politics-related memecoins heat up

Goldman Sachs Underscores Bitcoin ETF’s Astonishing Success

Bitcoin dips to $67K amid Genesis, Gemini $2B crypto payback

Rep. Patrick McHenry Predicts Crypto Law by 2025 Amid Bipartisan Support

AI Could Potentially Detect Heart Failure Risk, Research Finds

Join our free newsletter for daily crypto updates!