Gemini Earn Participants to Receive In-Kind Return of $2.18 Billion

Users who have Gemini Earn will receive a return of $2.18 billion of their cryptocurrency in-kind. In a statement, the cryptocurrency exchange Gemini, which is owned by Winklevoss, said that participants of the Gemini Earn program will receive more than $2 billion of their cryptocurrency back in kind. This announcement comes more than a year after the loan program was discontinued.

Those money will be returned in kind, which means that users of Gemini Earn who lent one bitcoin will receive one bitcoin back, according to a statement released by the Winklevoss twins-owned exchange on Wednesday. According to Gemini, the dividends also reflect a 232% recovery from the time when withdrawals were stopped in November of 2022.

"It is with great joy that we announce that we have been successful in bringing about this recuperation for our clients. Cameron Winklevoss, co-founder and president of Gemini, issued a statement in which he acknowledged the difficulties that were brought about by the protracted process. He also expressed his gratitude to Gemini's customers for their unwavering support and patience during the process.

In 2021, Gemini introduced the receive program, which enabled consumers to lend their cryptocurrency to Genesis Global Capital, LLC, which has since gone bankrupt, and receive an annual percentage yield of up to 7.4%. After experiencing a significant financial setback as a result of the failures of cryptocurrency hedge fund Three Arrows Capital and cryptocurrency exchange FTX in 2022, Genesis Global Holdco submitted a petition for protection under the bankruptcy laws in January of 2023.