đđBig news for BTC enthusiasts! Gemini, the crypto exchange founded by the Winklevoss twins, has made a full recovery from its crypto lending arm's bankruptcy, marking one of the most successful industry recoveries to date.đȘđȘ
Gemini announced that its Earn customers have received $2.18 billion of their digital assets in kind.đ€đ€ That means if you lent one bitcoin, you get one bitcoin back, along with any appreciation of your assets since you lent them.đđ
The online crypto community is cheering for this victory, praising Gemini's leadership for stepping up after losing customer funds in Genesis Global.đđ
Genesis and Gemini both collapsed in the fallout of FTX and Alameda Research in late 2022. However, Genesis has now received court approval to repay over $3.5 billion to its creditors, one of which was Gemini.đđ
Gemini's recovery stands out against other fallen crypto firms in 2022, which have only managed to recover a fraction of their customers' assets. Gemini's repayment is $1 billion in excess of when it froze withdrawals, marking a 232% asset recovery in USD terms.đ°đ°
Gemini insists that the Genesis bankruptcy was not a crypto problem, but "old-fashioned financial fraud compounded by a lack of regulatory clarity."đđ
In a nutshell, Gemini Earn has managed to recover 97% of customers' lost crypto. A huge win for the crypto industry!đđ