Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn

[sirty143]

Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn Users After Genesis Settlement

Gemini has reached a settlement with Genesis and other creditors within the Genesis bankruptcy proceedings, promising a full in-kind return of digital assets to Earn program users. This resolution, pending bankruptcy court approval... See more for yourself here.

Your opinion is greatly appreciated.

[hugeblack]

The problem is that legislation regarding bankruptcy laws is very slow, and most of the companies that have gone bankrupt can achieve profits if they sell their holdings of cryptocurrencies in 2025. The question remains: will there be cooperation between the regulatory authorities and these companies to facilitate the process of selling assets and paying debts, or will customers have to wait for at least 5+ years.

[ABCbits]

The settlement announcement outlines that Earn users will receive their digital assets back on a one-to-one basis, accounting for any appreciation since the assets were originally lent. This move not only reinstates the original value of the assets lent into the Earn program but adds an additional $700 million in value compared to their worth at the time withdrawals were halted in November 2022.

The agreement foresees a 97% return of assets to users within approximately two months following court approval, with the remaining balance to be settled within a year.

97% over 2 months sounds fast. But Gemini users already wait for more than a year and who knows when court will give approval. Although i bet many Gemini's victim wouldn't expect return based on current coin value rather than past value.

[Z-tight]

First of all it is good news for the creditors, but i don't know how long bankruptcy proceedings is going to take and how much longer the creditors have to wait before they get their money back. However, with what creditors go through in processes like this, it is enough for people to learn not to store their money in centralized exchanges or hand them over to lending and earning platforms, your funds should only be stored in your self custodial wallet.