More than a year after halting withdrawals, Gemini Earn program has begun repaying over $2 billion in cryptocurrency to its users, the company announced Wednesday. This payout, which ensures customers receive their lent crypto assets, marks a step forward following a period of financial upheaval.
Gemini Begins Funds Distribution, Recovery at 232%
Gemini, a crypto exchange owned by the Winklevoss twins, has initiated funds distribution, representing a 232% recovery rate.
“We are thrilled that we have been able to achieve this recovery for our customers,” said Cameron Winklevoss, co-founder and president of Gemini.
Winklevoss acknowledged the challenges posed by the delay and expressed gratitude for the patience shown by their clientele. Gemini launched the Earn program in 2021 and partnered with Genesis Global Capital, LLC. This partnership allowed users to earn up to 7.4% APY on their crypto loans.
Unfortunately, Genesis Global Holdco, the parent company, filed for bankruptcy pro
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