“Gemini refunds $2.2 billion to users after pausing withdrawals for 18 months in the crypto exchange.”

Gemini, a cryptocurrency exchange owned by the Winklevoss twins, has announced that it will be returning $2.18 billion of digital assets to customers affected by the shutdown of its Earn program. This program, which was paused in November 2022, had caused funds to be locked up for users.

Gemini plans to notify its customers through email that they can now access approximately 97% of the digital assets they are owed by Genesis as of the suspension date. This is due to a settlement reached with Genesis and other creditors involved in the bankruptcy, ensuring that all Earn users will receive their full amount of digital assets.

The email confirms that users will be given back their assets in the same form as they were lent into the Earn program, including any growth in value during the lending period. The distribution of the $2.18 billion fund signifies a 232% restoration for users following the 18-month freeze on withdrawals.

In 2021, the Earn program was introduced, giving customers the opportunity to earn significant returns on their coins by depositing them into Gemini’s system. These coins were then loaned to institutional borrowers by Gemini’s lending partner, Genesis Global Capital.

In November 2022, Genesis Global Capital paused new loan originations and redemptions, leading to Gemini halting withdrawals from the Earn program. Genesis filed for Chapter 11 bankruptcy protection last January in Manhattan federal court.

The previous week, Letitia, the Attorney General of New York, revealed a settlement of $2 billion with Genesis to reimburse deceived investors.