Gemini, a top cryptocurrency exchange, has reimbursed $2.18 billion to 232,000 users of its Earn program, which represents 97% of the frozen assets. This payout, valued at the market rate as of May 28, 2024, surpasses initial obligations by 232%.
The reimbursement marks a notable financial recovery since the assets were initially worth $940 million at the time of the freeze in November 2022. Cameron Winklevoss, Gemini’s co-founder, praised users for their patience and support.
The freeze began when Genesis, a crypto lender, halted withdrawals and filed for bankruptcy, leaving $900 million in limbo. Gemini responded by freezing withdrawals and later sued Genesis and its parent company in July 2023. By February 2024, Gemini committed to fully compensating the losses.
This resolution sets a new standard for user compensation and asset recovery in the crypto industry, highlighting Gemini’s dedication to financial integrity and user trust.
