Bitrabo Editorial
Gemini has made a significant move by returning $2.18 billion of digital assets to customers affected by the suspended crypto lending program.
The temporary suspension of withdrawals from Gemini’s Earn program in November 2022 had users eagerly awaiting the return of their funds, with the recent announcement bringing relief.
Gemini Completes Full Asset Return for Customers of the Defunct Earn Program
Gemini informed its customers through an email that about 97% of the owed digital assets are now available in their accounts after reaching a settlement with Genesis and other creditors involved in the Genesis Bankruptcy.
Customers will receive their digital assets in full, including any increase in their value since lending them to the Earn program, leading to a significant recovery for users.
Gemini Resolves Crisis Around Crypto Lending Program
The Earn program, launched in 2021, enabled customers to earn high cryptocurrency yields by participating in Gemini’s lending scheme, which faced a setback due to Genesis Global Capital’s pause in loan operations.
Recent developments, such as the $2 billion settlement with Genesis by the New York Attorney General and court approval for Genesis’s $3 billion repayment plan, have brought positive outcomes for affected customers.
Gemini’s initiative to return $2.18 billion to its customers signifies a significant step towards resolving the repercussions of the paused Earn program.
Bitcoin’s current value stands at $67,750, showing relatively stable price movements over the past 24 hours, providing users with valuable insights into the cryptocurrency market.