Minneapolis, MN – Former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of the interest-accruing lending program, Gemini Earn, after a New York bankruptcy judge approved Genesis’ Chapter 11 plan last week.
The Earn program allowed users of the crypto platform Gemini to lend their digital assets to Genesis and earn interest. Those digital assets were effectively trapped when the lender filed for Chapter 11 in January 2023 with $5.1 billion in liabilities, citing a tumultuous crypto industry.
Genesis and Gemini reached a settlement earlier this year to return those digital assets to Earn users on a coin-for-coin basis. Wednesday’s distribution represents 97% of Earn users’ crypto, now valued at $2.18 billion, a roughly 232% increase from its $940 million valuation when Genesis filed for bankruptcy, according to an announcement by Gemini.
“We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout,” said Cameron Winklevoss, co-founder and president of Gemini, in the announcement.
