News - Gemini pays Earn users in full

By Luc Vesters

Gemini pays Earn users in full

Bankruptcy

Good news for all Gemini customers who lent funds to the bankrupt lending platform Genesis via the Earn feature: There will be a payout. Gemini explained this in a press release.

The compensation for the long back and forth is likely to exceed the prediction of aggrieved users. A total of US$2.18 billion will be paid out - US$1 billion more than originally assumed.

Payments will be made in two installments. Reportedly, 97 percent will be settled immediately and the remaining transfers will take place over the next 12 months.

Co-founder Cameron Winklevoss expressed relief, "We are very pleased to have been able to secure this refund for our customers. We recognize the difficulties involved in this lengthy process and thank our customers for their support and patience."

CEO Tyler Cameron said, "It is important to emphasize that Genesis' insolvency was not a problem specific to the crypto industry.... It was simply old-fashioned financial fraud."

A feud had been going on between Gemini and Genesis since late 2022. The crypto exchange and the lending service once had a close business relationship. Gemini users could earn additional returns on the Genesis platform through the Earn program by lending their money to the company.

After the lending platform initially stopped making disbursements in November 2022 and filed for bankruptcy shortly thereafter, Gemini investors were left high and dry.

After numerous demands for payment, the Winklevoss twins' exchange sued its former business partner for USD 1.6 billion. A settlement was reached in February 2024.

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