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💰 - Gemini Earn reimburses $2.18 billion to customers - News from 05/30/2024

But also: ETH ETFs accepted for political purposes, BlackRock updates its S-1 form and PayPal deploys its stablecoin on Solana

CRYPTOQUENT

MAY 30

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Gemini Earn users have recovered their funds placed in kind, analysts now expect selling pressure. We will explain everything to you ! 🤯

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🔥 THE HOT NEWS OF THE DAY

Gemini reimburses $2.18 billion for Earn users

Gemini announced that users of its now-shuttered Earn product have recovered $2.18 billion of their digital assets, representing 97% of the total owed. This restitution was made in kind, with users receiving exactly the same cryptos they had lent, representing a recovery of 232% due to the increase in asset value over the past 2 years.

Cameron and Tyler Winklevoss, founders of Gemini, hailed the recovery as unprecedented in crypto bankruptcies. They reached an agreement with Genesis and other creditors to ensure that all Earn users would get 100% of their digital assets back in kind.

Gemini attributed Genesis' bankruptcy to financial fraud and a lack of regulatory clarity in the US, reaffirming its commitment to advocating for better regulations. However, analysts warn that these in-kind distributions could cause selling pressure as creditors could liquidate their assets. This increased activity could affect the prices of Bitcoin and Ethereum, which have fallen slightly recently.