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🔔 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.

🔔 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.

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