$55,795.00
8.06%$2,517.73
11.22%$490.06
16.18%$141.80
20.64%$0.999849
-0.45%$0.515788
13.00%$2,514.95
12.48%$0.099438
15.78%$5.55
9.61%$0.331847
14.24%$0.123139
2.99%$55,901.00
8.77%$20.93
14.42%$0.00001388
22.67%$324.03
12.55%$4.43
16.18%$10.08
17.36%$5.66
-0.16%$58.55
12.31%$5.79
13.84%$0.171464
23.60%$3.76
12.12%$0.412867
17.09%$2,630.18
12.81%$7.54
13.44%$0.00000808
23.44%$0.999269
-0.26%$150.79
7.12%$18.37
11.23%$0.091523
13.74%$5.25
15.63%$0.893097
13.71%$0.079315
16.19%$34.38
10.48%$0.617962
22.54%$0.055925
16.63%$3.46
14.84%$1.34
14.22%$0.996007
-0.01%$4.92
14.72%$2,014.16
9.79%$4.76
30.48%$258.29
47.58%$0.02276432
14.98%$1.13
17.29%$0.515741
13.13%$16.91
16.52%$1.32
16.76%$0.58287
17.12%$100.34
25.12%$10.08
-0.55%$0.00002045
19.81%$1.41
21.43%$2,810.91
11.47%$20.88
20.48%$0.139565
16.36%$0.925379
7.62%$2,551.57
12.17%$2,620.25
11.26%$0.00012372
20.77%$0.01140786
23.64%$1.13
20.54%$0.826575
16.52%$0.742093
32.05%$0.02155994
18.72%$3.11
15.57%$1.16
17.86%$5.01
18.15%$0.269001
15.03%$0.096042
39.19%$0.115281
16.46%$1.042
19.94%$2,522.50
14.74%$0.317226
13.53%$60.54
15.17%$1.047
15.55%$6.70
16.20%$0.531823
14.71%$4.64
27.97%$0.24403
14.18%$2.34
-0.63%$38.06
10.08%$171.10
21.69%$27.30
16.59%$1.00
-0.16%$7.50
15.51%$0.01586251
13.96%$0.00000073
9.50%$0.465753
10.13%$4.60
12.18%$1.00
-0.38%$8.12
9.10%$0.996551
-0.47%$2.61
39.38%$0.648321
13.28%$2,566.22
12.69%$9.00
13.17%$0.01238349
15.62%$0.01682959
16.24%$0.380643
12.55%$0.993157
7.65%$0.00003026
11.61%$2,407.00
-1.21%$17.79
18.88%$0.251396
14.80%$2,712.30
12.17%$1.74
22.04%$0.990018
11.29%$0.493236
34.05%$25.85
14.26%$0.124218
13.34%$1.47
10.84%$0.278758
16.82%$0.193425
14.17%$0.999163
-0.76%$0.263681
15.80%$2,507.67
13.56%$0.053503
16.31%$0.00000132
39.10%$0.00000022
35.32%$0.123353
17.64%$0.0067444
17.33%$0.40486
15.56%$0.463569
52.76%$30.29
9.53%$0.00508829
40.86%$2,394.47
-1.64%$1.32
13.89%$0.128219
16.99%$2.67
37.82%$1.013
2.57%$0.061152
16.53%$158.78
16.69%$1.56
12.81%$7.17
12.39%$2,675.90
11.56%$0.05587
13.46%$0.57482
13.79%$21.79
13.57%$0.675412
22.36%$0.101944
18.28%$0.00000038
3.89%$2,742.80
13.22%$3.31
12.84%$0.787011
9.73%$0.00006698
15.62%$0.02439599
-2.08%$10.68
18.43%$0.863001
18.15%$0.054084
24.83%$0.773991
5.05%$1.51
17.57%$0.47091
16.37%$3.48
10.32%$0.00751315
14.76%$0.26731
13.11%$39.54
10.03%$1.051
-1.06%$0.04895085
1.01%$0.39598
8.33%$0.300581
15.85%$0.793132
14.20%$0.03274732
9.61%$2.38
7.84%$2.34
14.87%$55,900.00
9.23%$2,606.98
12.74%$0.329473
10.86%$0.00413413
29.15%$0.00285185
51.85%$0.619801
56.39%$0.153596
10.22%$41.61
12.45%$6.92
11.73%$0.05493
20.23%$0.272925
15.19%$22.62
13.01%$17.28
18.12%$0.363291
19.05%$0.137056
19.22%$0.222582
11.82%$5.84
20.40%$0.02456439
16.65%$0.063568
16.77%$0.00075053
12.77%$1.047
29.90%$0.676806
16.13%$0.02553158
4.10%$1,121.27
9.91%$0.01315621
15.74%$0.13812
17.95%$0.02451185
16.47%$0.01031926
21.31%$0.00420891
18.02%$2.05
27.58%$0.358888
13.65%$11.66
18.92%$1.23
19.91%$0.00134547
16.97%$0.280341
16.27%$0.158661
14.68%$0.999703
-0.38%$0.401772
8.24%$0.142003
14.45%$0.03244401
13.11%$0.425812
12.83%$0.100621
12.58%$1.38
18.21%$0.992796
7.25%$107.39
0.03%$2,661.69
11.76%$2.08
10.08%$0.535322
17.85%$0.01516746
12.83%$0.310896
16.80%$0.216032
89.76%$0.1942
15.69%$21.47
16.44%$12.68
-0.01%$0.44701
13.04%$0.086786
22.01%$54.30
8.47%$1.84
13.05%$0.362367
55.56%$2.41
10.79%$1.33
-22.37%$2.96
13.58%$0.068689
15.48%$0.225197
39.07%$50.66
11.88%$0.02112518
16.45%$0.00339052
13.28%$0.00371804
13.70%$0.03646036
7.50%$17.25
12.98%$1.88
15.54%$0.221689
13.08%$2,635.54
12.21%$0.01522809
13.82%$4.02
40.54%$6,082.41
9.01%$0.01829147
14.03%$0.103642
18.88%$0.00000165
12.64%$29.87
9.39%$0.00000023
47.34%$55,627.00
8.67%$24.13
13.90%
Gemini Earn users are a step closer to recovering their money with an agreement announced today between US cryptocurrency exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group
Gemini co-founder Cameron Winklevoss announced the agreement on Twitter.
“Today, @Gemini reached an agreement in principle with Genesis Global Capital, LLC (Genesis), @DCGco, and other creditors on a plan that provides a path for Earn users to recover their assets," Winklevoss tweeted. "This agreement was announced in Bankruptcy Court today."
Gemini will contribute up to $100 million more for Earn users, and according to a press release sent to Decrypt, the terms of the agreement with DCG includes the sale of Genesis Global Trading.
Further, DCG will exchange its existing $1.1 billion note due in 2032 for convertible preferred stock, and refinance its existing 2023 term loans in two tranches made payable to creditors with an aggregate total value of approximately $500 million.
Gemini and Genesis have been locked in a public battle over the Gemini earn program, which allowed users to deposit their cryptocurrencies and receive yields of between 0.45% and 8% interest, similar to a bank account. Genesis was the primary partner for the service.
Genesis halted withdrawals in November 2022, leading users and Winklevoss to threaten legal action against the company and DCG founder Barry Silbert, demanding that Genesis offer a plan for repaying the $900 million loan Gemini made to the now-bankrupt Genesis Global.
On January 19, the crypto brokerage firm filed for chapter 11 bankruptcy, joining a growing list of companies to collapse since the spring of 2022. At the time of the filing, the company cited the collapse of Three Arrow Capital and FTX as events that led to the company filing for bankruptcy.
Federal regulators in the United States subsequently opened an investigation into the Gemini Earn program, with the SEC charging Gemini with violating securities laws.
Winklevoss called today’s agreement a critical step toward a substantial recovery of assets for all Genesis creditors.
3/ In addition, Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery.
— Cameron Winklevoss (@cameron) February 6, 2023
“I am grateful to the talented team at Genesis for their ongoing dedication and commitment to client service, and excited about working together to build Genesis for the future,” Derar Islim, Genesis’ Interim CEO, said in the release. “I also want to express my deep appreciation to all of our clients for their continued patience and loyalty as we work through a resolution for our lending business.”
Winklevoss said that while there is still work to be done, he is confident there is a framework in place to move forward on.
