For cryptocurrency investors, 2022 was a period of collapse, and many companies did not survive. However, some managed to stay afloat despite severe blows. Especially during this year’s rise in cryptocurrencies, companies in trouble regained their solvency.
Current Status of Gemini Claims
Winklevoss brothers’ exchange Gemini Earn service handed over customer assets to Genesis. They lent these assets to some of the most dubious names in crypto. Later, they couldn’t collect their receivables, and Genesis went bankrupt. When Gemini Earn customers wanted their money back, they were told it was with Genesis, leading to numerous complications.
Recently, the crypto exchange Gemini announced that Gemini Earn users would get back $2.18 billion worth of assets in kind. Those who lent 1 Bitcoin will receive 1 Bitcoin in return. Gemini stated that the distributions represent a 232% improvement compared to when withdrawals were halted in November 2022. What about the staking earnings until this date? Gemini seemed to imply that customers should be grateful for what they are getting.
“We are very excited to provide this improvement for our customers. Cameron Winklevoss, co-founder and president of Gemini, said, We are aware of the difficulties caused by this long process and appreciate our customers’ continued support and patience.”
Compared to FTX, Gemini’s creditors should not complain much about their situation. FTX creditors will receive returns based on November prices.
