{"id":31548,"date":"2024-05-29T17:13:16","date_gmt":"2024-05-29T17:13:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gemini-earn-users-get-2-18-billion-in-crypto-representing-232-recovery\/"},"modified":"2024-05-29T17:13:16","modified_gmt":"2024-05-29T17:13:16","slug":"gemini-earn-users-get-2-18-billion-in-crypto-representing-232-recovery","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gemini-earn-users-get-2-18-billion-in-crypto-representing-232-recovery\/","title":{"rendered":"Gemini Earn users get $2.18 billion in crypto, representing 232% recovery"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Gemini Earn users get $2.18 billion in digital assets back, which represents a 232% recovery.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Users will receive 100% of their crypto back, with the initial distribution representing 97% of Earn users\u2019 assets.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Gemini has announced that its customers of its Gemini Earn program have received $2.18 billion worth of digital assets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The distribution is in kind and represents a 232% recovery for Earn users, Gemini co-founder and CEO Tyler Winklevoss and co-founder and President Cameron Winklevoss said in a <a href=\"https:\/\/www.gemini.com\/blog\/gemini-earn-users-receive-usd2-18-billion-of-their-digital-assets-in-kind-a\" target=\"_blank\" rel=\"noopener\">news release<\/a>.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Gemini Earn users get $2.18 billion in digital assets<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Per <a href=\"https:\/\/coinjournal.net\/exchanges\/gemini\/\">Gemini<\/a>\u2018s announcement, the $2.18 billion distribution accounts for 97% of the digital assets owed to Gemini Earn\u2019s users. The initial payout is $1 billion on more, or 232% recovery on users\u2019 digital assets following Genesis\u2019s halting of withdrawals and bankruptcy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Commenting on the payment in kind, Gemini noted that a customer who deposited one bitcoin receives one bitcoin back. Gemini has also assured Earn users that they will receive \u201cany and all appreciation\u201d of their digital assets from the time they lent them into the program.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">A long wait<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Crypto lender Genesis <a href=\"https:\/\/coinjournal.net\/news\/genesis-2-8b-crypto-lending-unit-halts-withdrawals\/\">halted withdrawals<\/a> in November 2022, a development that followed the shocking <a href=\"https:\/\/coinjournal.net\/news\/this-week-in-crypto-ftx-files-for-chapter-11-bankruptcy\/\">collapse of cryptocurrency exchange FTX<\/a>. Genesis revealed it had significant exposure to the imploded crypto exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While crypto prices plummeted amid the chaos that followed, including Bitcoin\u2019s dive to lows of $15,600, the past two years have seen BTC prices skyrocket.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In March this year, Bitcoin rose to a new all-time high above $73,000. The top digital asset traded around $22,700 when Genesis filed for Chapter 11 bankruptcy plan in January 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Gemini Earn\u2019s users are getting their digital assets back after a US bankruptcy judge <a href=\"https:\/\/coinjournal.net\/news\/genesis-to-return-3b-to-customers-after-court-approves-bankruptcy-plan\/\">approved<\/a> Genesis Global\u2019s chapter 11 wind-down early this month.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Earn users to receive 100% of their assets<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In February, Gemini announced that it would return 100% of users\u2019 assets following a settlement with Genesis and the bankrupt crypto lender\u2019s other creditors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to today\u2019s announcement, users should expect the balances within the next 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt\u2019s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity,\u201d Gemini CEO Tyler Winklevoss <a href=\"https:\/\/x.com\/Gemini\/status\/1795819898049884468\" target=\"_blank\" rel=\"noopener\">said<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The exchange reportedly contributed $50 million towards the Earn recovery.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/gemini-earn-users-get-2-18-billion-in-crypto-representing-232-recovery\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Gemini Earn users get $2.18 billion in digital assets back, which represents a 232% recovery. Users will receive 100% of their crypto back, with the initial distribution representing 97% of Earn users\u2019 assets. Gemini has announced that its customers of its [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":31549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31548"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31548"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31549"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}