search
Homeweb3.0Gemini reaches settlement with NYDFS! The full amount of coins will be returned to Earn plan users

Gemini reaches settlement with NYDFS! The full amount of coins will be returned to Earn plan users

Feb 29, 2024 pm 04:50 PM
cryptocurrencydigital currencyStablecoinexchangeMainstream coinsKodak CoinLibraaviation currency

Gemini reaches settlement with NYDFS! The full amount of coins will be returned to Earn plan users

The New York State Department of Financial Services (NYDFS) announced today (29th) that it has reached a settlement with Gemini (Gemini Trust Company, LLC), a New York-based cryptocurrency exchange.

Gemini has announced that it will return at least $1.1 billion to Gemini Earn program participants and donate $40 million to the Genesis bankruptcy case to ensure customer interests. In addition, the company will pay a $37 million fine to make up for major compliance lapses.

Gemini reaches settlement with Genesis: 100% of cryptocurrency will be returned

Gemini exchange announced today that it has reached a preliminary settlement agreement with bankrupt crypto lender Genesis and other creditors in the Genesis bankruptcy case. The news was released by the Gemini exchange, co-founded by the Winklevoss twin brothers Cameron and Tyler Winklevoss.

If the bankruptcy court approves Genesis’ bankruptcy plan, all Earn users will receive a 100% physical return of their digital assets. This means that you will receive the full appreciation of your digital assets since you loaned them to the Earn program. If the plan is approved, we will return over $1.8 billion in value (based on today's prices), $700 million more than when Genesis ceases withdrawals on November 16, 2022.

Gemini is expected to return $1.8 billion worth of cryptocurrency

It is understood that Gemini launched the Gemini Earn program in February 2021, allowing Gemini customers to lend cryptocurrency to Genesis in order to earn annual returns The interest rate is 7.4% interest. However, in November 2022, the domino effect of Three Arrows Capital and FTX triggered a liquidity crisis and suspended withdrawals. Genesis filed for bankruptcy and reorganization in January 2023, causing more than 200,000 Gemini Earn customers to suffer heavy losses. .

Gemini, as the largest creditor in the Genesis bankruptcy case, also fell out with Genesis and Genesis’ parent company Digital Currency Group (DCG) over the matter, and even sued DCG and the group’s CEO Barry Silbert for fraud in August last year. . In October last year, Gemini, Genesis and DCG were sued by the New York Attorney General's Office, accusing them of defrauding more than 230,000 investors, involving nearly $1.1 billion.

According to Gemini: “If the Genesis bankruptcy plan is approved, Earn users are expected to receive approximately 97% of their physical assets in approximately two months and the remainder within the next 12 months. Asset balance." The company added that the required bankruptcy court proceedings may take up to two months to complete and that they will keep Earn users informed of the situation during the process.

However, it should be noted that there are still uncertainties whether Genesis’ bankruptcy plan can be approved by the court, because the parent company DCG only expressed objections to the repayment plan to the court at the beginning of this month. DCG insisted that Genesis provide customers and creditors with The amount repaid should not exceed the value of the crypto assets in January 2023 when Genesis files for bankruptcy.

The above is the detailed content of Gemini reaches settlement with NYDFS! The full amount of coins will be returned to Earn plan users. For more information, please follow other related articles on the PHP Chinese website!

Statement
This article is reproduced at:币圈子. If there is any infringement, please contact admin@php.cn delete
Which of the top ten currency trading platforms in the world are among the top ten currency trading platforms in 2025Which of the top ten currency trading platforms in the world are among the top ten currency trading platforms in 2025Apr 28, 2025 pm 08:12 PM

The top ten cryptocurrency exchanges in the world in 2025 include Binance, OKX, Gate.io, Coinbase, Kraken, Huobi, Bitfinex, KuCoin, Bittrex and Poloniex, all of which are known for their high trading volume and security.

Which of the top ten currency trading platforms in the world are the latest version of the top ten currency trading platformsWhich of the top ten currency trading platforms in the world are the latest version of the top ten currency trading platformsApr 28, 2025 pm 08:09 PM

The top ten cryptocurrency trading platforms in the world include Binance, OKX, Gate.io, Coinbase, Kraken, Huobi Global, Bitfinex, Bittrex, KuCoin and Poloniex, all of which provide a variety of trading methods and powerful security measures.

What are the top currency trading platforms? The top 10 latest virtual currency exchangesWhat are the top currency trading platforms? The top 10 latest virtual currency exchangesApr 28, 2025 pm 08:06 PM

Currently ranked among the top ten virtual currency exchanges: 1. Binance, 2. OKX, 3. Gate.io, 4. Coin library, 5. Siren, 6. Huobi Global Station, 7. Bybit, 8. Kucoin, 9. Bitcoin, 10. bit stamp.

What are the top ten virtual currency trading apps? The latest digital currency exchange rankingsWhat are the top ten virtual currency trading apps? The latest digital currency exchange rankingsApr 28, 2025 pm 08:03 PM

The top ten digital currency exchanges such as Binance, OKX, gate.io have improved their systems, efficient diversified transactions and strict security measures.

What currency does Ripple (XRP currency) belong to? Detailed tutorial for beginnersWhat currency does Ripple (XRP currency) belong to? Detailed tutorial for beginnersApr 28, 2025 pm 07:57 PM

Created by Ripple, Ripple is used for cross-border payments, which are fast and low-cost and suitable for small transaction payments. After registering a wallet and exchange, purchase and storage can be made.

Binance official website entrance Binance official latest entrance 2025Binance official website entrance Binance official latest entrance 2025Apr 28, 2025 pm 07:54 PM

Visit Binance official website and check HTTPS and green lock logos to avoid phishing websites, and official applications can also be accessed safely.

Sesame Open Door Official Website Entrance Sesame Open Door Official Latest Entrance 2025Sesame Open Door Official Website Entrance Sesame Open Door Official Latest Entrance 2025Apr 28, 2025 pm 07:51 PM

Sesame Open Door is a platform that focuses on cryptocurrency trading. Users can obtain portals through official websites or social media to ensure that the authenticity of SSL certificates and website content is verified during access.

Ouyi official website entrance Ouyi official latest entrance 2025Ouyi official website entrance Ouyi official latest entrance 2025Apr 28, 2025 pm 07:48 PM

Choose a reliable trading platform such as OKEx to ensure access to the official entrance.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.

WebStorm Mac version

WebStorm Mac version

Useful JavaScript development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools

Atom editor mac version download

Atom editor mac version download

The most popular open source editor