Gemini successfully recovered most of the lost digital currencies for its clients, recording one of the most successful recoveries in the cryptocurrency sector to date.
Gemini, founded by twin billionaires Cameron and Tyler Winklevoss, announced on Wednesday that Gemini Earn customers have redeemed $2.18 billion in virtual currencies.
- Gemini explained on Twitter:
This means that if you have lent one Bitcoin under the EARN program, you will get the same back.
Therefore, you will get back all the value your assets have received since they were loaned to the EARN program.
This announcement was widely welcomed by the online cryptocurrency community, with members praising Gemini's leadership and responsibility in dealing with the loss of customer funds within Genesis Global.
Adam Back, CEO of Blockstream, praised the strength of Tyler and Cameron's commitment, noting that Gemini had personally assumed the $50 million gap resulting from DCG/Genesis' losses, to ensure recovery for all Earn users. For their money completely.
Genesis and Gemini collapsed after the fallout from FTX and Alameda Research in late 2022.
Last week, Genesis received court approval for its bankruptcy plan to repay more than $3.5 billion to its creditors.
Posted using Tribaldex Blog