PANews reported on May 29 that crypto exchange Gemini announced on the X platform that today, Earn users received $2.18 billion worth of digital assets in kind. These initial allocations represent: 97% of the digital assets that Earn users are entitled to; $1 billion more than when Genesis suspended withdrawals; and a 232% recovery from when Genesis suspended withdrawals.

Gemini said: “This represents an unprecedented recovery in a cryptocurrency bankruptcy, as well as in bankruptcy generally, and following our previous announcement, we have reached a settlement in principle with Genesis and other creditors in the Genesis bankruptcy that will result in all Earn users receiving 100% of their digital assets back in kind. This means, for example, that if you loaned out one Bitcoin in the Earn program, you will receive one Bitcoin in return. It also means that you will receive any and all appreciation since you loaned your assets into the Earn program. To ensure this successful resolution, Gemini is also contributing $50 million toward the recovery of Earn users. We recognize the difficulties this long process has brought, and thank you for your continued support and patience throughout. Finally, it is important to note that the Genesis bankruptcy is not a cryptocurrency problem. It is a combination of old-fashioned financial fraud and regulatory ambiguity.”