Gemini, the cryptocurrency exchange, made an announcement on Wednesday regarding the successful recovery of digital assets for its Earn users. In total, $2.18 billion worth of assets have been returned to these users, which accounts for 97% of the assets owed. This recovery marks an impressive 232% increase since Genesis, the platform where the assets were initially held, halted withdrawals. The settlement reached with Genesis and other creditors ensures that Earn users will receive their digital assets back in full, including any appreciation they may have acquired during this period. The valuation of these assets is based on their prices as of May 28. To support the recovery effort, Gemini has also contributed $50 million. It is important to note that the Genesis bankruptcy was a result of financial fraud and regulatory ambiguity, rather than any issues specific to cryptocurrencies. Gemini is dedicated to advocating for clear regulations that promote innovation and protect consumers in the cryptocurrency industry.
