🔔 Gemini, after the scandals with FTX and Genesis, will pay users of its loan product Earn 3 times more blocked assets.

On Wednesday, the crypto exchange announced plans to pay $2.18 billion worth of cryptocurrency to creditors. That's 232% of the amount Earn users previously lost due to bankruptcy.

Genesis, Gemini's lending partner, was caught in a storm due to the collapse of FTX in 2022. It blocked more than $940 million in withdrawals for more than 230,000 Earn users.

In a statement announcing the payout, Gemini said the problem with Genesis was "old-fashioned financial fraud exacerbated by a lack of regulatory clarity." As a sign of goodwill, the exchange has committed $50 million to provide refunds to Earn users.