Gemini’s Earn program has started repaying over $2 billion in cryptocurrency to its users after more than a year of halted withdrawals. This marks a significant recovery for the company, achieving a remarkable 232% recovery rate.
Co-founder Cameron Winklevoss expressed gratitude for customer patience during the financial turmoil. The Earn program, launched in 2021, faced setbacks when its partner, Genesis Global Capital, filed for bankruptcy in January 2023 due to the collapse of major crypto players like 3AC and FTX.
Legal challenges, including a lawsuit from the SEC and the New York Attorney General’s Office, also plagued the program. Despite these issues, Gemini assures users that their remaining asset balances will be returned within a year.
Tyler Winklevoss emphasized that the problems stemmed from traditional financial fraud, not inherent flaws in cryptocurrency. This milestone underscores Gemini’s resilience and the broader potential for recovery in the digital asset industry.
