Gemini ensures full recovery of your crypto assets through their unique coin-for-coin payback program, designed for Earn users.
Gemini has come to an agreement with Genesis and other creditors involved in the Genesis bankruptcy case. The agreement promises that all digital assets will be fully returned to the users of the Earn program. This is a significant win for the users, as over $1.8 billion worth of assets will be returned once the bankruptcy court approves the settlement.
Potential Full Crypto Resource Recuperation for Gemini Acquire Clients Declared
The settlement agreement states that Procure’s clients will receive their digital assets back in a coordinated manner, taking into account any increase in value since the assets were initially loaned. This not only restores the original value of the assets loaned to the Acquire program but also adds $700 million in value compared to their worth when withdrawals were suspended in November 2022.
Gemini has announced that they predict a 97% return of resources for clients within approximately two months after court endorsement. The remaining balance will be settled soon after. Gemini has been actively involved in transactions over the past few months to recover client resources, contributing $40 million towards the recovery effort.
The New York Department of Financial Services (NYDFS) helped with the settlement. Bloomberg ETF analyst James Seyffart highlighted the coin-for-coin recovery approach.
“Wow! Seyffart reports on X that Gemini, a well-known cryptocurrency exchange, claims that Procure clients who were affected by the Beginning liquidation will likely receive a full recovery of their digital assets through a new settlement. What’s even more amazing is that this recovery will be made ‘in kind’, meaning that they will get their exact digital assets back. Seyffart emphasizes the importance of this, highlighting the huge difference in value between Bitcoin ($20k vs $61k) and Ethereum ($1.5k vs $3.3k).”
The history of Gemini’s legal and financial challenges with Beginning International Capital (GGC) relates to the difficulties faced by the Acquire program, leading to Beginning’s bankruptcy in January 2023. Beginning served as the backend service provider for the program, which aimed to provide returns on cryptocurrency investments. The company’s collapse prompted Gemini and GGC to navigate regulatory scrutiny and financial obstacles to ensure the recovery of assets for acquired clients, ultimately resulting in the proposed settlement.
Source: Bitcoin.com
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