gemini earn Archives - Top Crypto Game https://topcryptogame.com/tag/gemini-earn/ The latest crypto news! Wed, 29 May 2024 18:48:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://topcryptogame.com/wp-content/uploads/2022/01/cropped-favicon-32x32.png gemini earn Archives - Top Crypto Game https://topcryptogame.com/tag/gemini-earn/ 32 32 Gemini Earn returns over $2 billion in crypto, triggering concerns of sell pressure https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/ https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/#respond Wed, 29 May 2024 18:48:53 +0000 https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/ Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement. These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022. In-kind […]

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Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement.

These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022.

In-kind distribution

The exchange explained that the assets were returned in kind, meaning that if a user lent one Bitcoin to the Earn program, they received one BTC back. This would represent a 232% recovery for Earn users, as the value of several digital assets has significantly increased compared to two years ago.

Gemini’s founders, Cameron and Tyler Winklevoss, highlighted the significance of this recovery, stating:

“This represents an unprecedented recovery among crypto bankruptcies, as well as bankruptcies in general, and follows our previous announcement that we reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in kind.”

Meanwhile, Gemini stressed that Genesis’s bankruptcy was not a result of issues within the crypto industry but stemmed from “old-fashioned financial fraud compounded by a lack of regulatory clarity” in the US.

So, the company emphasized its commitment to advocating for better regulatory measures to support the industry. It stated:

“We will continue to fight for clear rules and guidance for our industry that foster both innovation and consumer protection. And we will win this fight. The future is bright.”

Selling pressure ahead?

Industry analysts warn that in-kind distributions could cause substantial selling pressure as creditors liquidate their assets.

Evan Cohen, a thesis investor, noted:

“Lots of sellers [are] now ready to unload their 2-year locked-up crypto.”

This increased trading activity may affect Bitcoin and Ethereum prices. CryptoSlate’s data shows a modest 0.73% decline in the broader market over the past 24 hours, with BTC and ETH prices now at $67,640 and $3,761, respectively.

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]]> https://topcryptogame.com/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure/feed/ 0 Gemini to return 97% of frozen assets in-kind to Earn users by month’s end https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/ https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/#respond Mon, 20 May 2024 13:46:26 +0000 https://topcryptogame.com/gemini-to-return-97-of-frozen-assets-in-kind-to-earn-users-by-months-end/ Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month. According to a recent statement, the exchange clarified: “As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the […]

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Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month.

According to a recent statement, the exchange clarified:

“As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the Earn program (as of November 16, 2022 — the date Genesis suspended redemptions), you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program.”

Notably, the exchange’s announcement coincided with news that the failed crypto lender Genesis got Court approval to return around $3 billion of its customers’ assets.

Meanwhile, this development marks a significant relief for Earn users, whose assets have been frozen since November 2022 due to the liquidity crisis that hit Genesis, the now-bankrupt crypto lender.

The community has broadly welcomed Gemini’s plan, especially given the substantial increase in asset values since 2022. For example, Bitcoin’s average price has surged to over $67,000, while Ethereum’s price has risen to over $3,000.

Gemini Earn is an interest-bearing product that has been controversial since Genesis filed for bankruptcy last year. The program was suspended in January 2023 after the crypto trading platform terminated the Master Loan Agreements with Genesis.

Since then, Gemini has pursued extensive legal action against Digital Currency Group, Genesis’s parent company, on behalf of over 200,000 Earn users. Gemini alleges that Digital Currency Group was aware of Genesis’s insolvency since 2022 but failed to inform investors.

The Earn program also attracted regulatory scrutiny from the New York State Department of Financial Services (NYDFS) and the US Securities and Exchange Commission (SEC), both alleged violations of federal securities laws. Gemini has since settled with both regulators.

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