Gemini will return 100% of assets to Earn program participants

On February 28, 2024, Gemini reached an agreement in principle with Genesis. If approved by the bankruptcy court, Earn users will be able to receive their funds in full.

According to the statement, the parties involved in the bankruptcy case of the Genesis crypto-lender will return 100% of the assets to the clients:

"We have reached an agreement in principle with creditors in the Genesis bankruptcy case. If approved by the court, this will result in all Earn users receiving 100% of their digital assets back in kind."

Thus, customers will be able to expect a full refund, which amounts to at least $1.1 billion, according to a press release. Under the terms of the deal, approximately 97% of the assets will be returned within two months, and the remainder within the next 12 months.

In addition, as part of the settlement agreement, Gemini will pay Genesis $40 million. She also undertakes to pay $37 million to the New York Department of Financial Services (NYDFS) "for repeated non-compliance with the requirements."

Source: https://incrypted.com/gemini-vernet-100-aktivov-uchastnikam-programmy-earn/