Gemini Earn to begin returning customers' crypto by end of month as court approves Genesis bankruptcy
Powered by @unfoldedGemini Earn, a defunct program of crypto lender Genesis, will begin returning assets to customers by the end of the month.
A U.S. bankruptcy court has approved Genesis's Chapter 11 bankruptcy plan, which will result in about $3 billion in cash and assets being returned to creditors.
Gemini, one of Genesis's creditors, will be returning the first 97% of owed assets in-kind to customers of Gemini Earn.
The bankruptcy plan will treat creditors owed cryptocurrency differently than those owed U.S. dollars, with cryptocurrency creditors bearing the shortfall in funds.