Gemini Reaches Settlement To Return $1.1B In Digital Assets To Earn Users

Gemini and Genesis engaged in a legal showdown over the collapse of Gemini's Earn program following Genesis' bankruptcy. (Credit: YouTube Screenshot/ Gemini Official YouTube Chanel)

KEY POINTS

• Earn users can receive their assets within about two months if the bankruptcy court approves the settlement
• The NYDFS said Gemini has also agreed to pay a $37 million fine for its own failures
• Gemini said it will contribute $40 million toward recovering the assets of Earn users

Cryptocurrency exchange Gemini will return at least $1.1 billion in digital assets to users of its defunct Earn lending program, the New York State Department of Financial Services (NYDFS) said.