Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has made headlines with its successful recovery of almost all of its customers’ digital assets after the bankruptcy of its crypto lending arm. This recovery has been hailed as one of the most successful in the industry to date.
Gemini announced that its customers in the Gemini Earn program have received $2.18 billion of their digital assets in kind. This means that customers will receive the exact assets they had lent, along with any appreciation those assets have gained since being lent out.
The online crypto community has praised Gemini’s leadership for acting responsibly in the aftermath of the bankruptcy. Blockstream CEO Adam Back commended Tyler and Cameron Winklevoss for filling a $50 million gap caused by losses from Genesis Global, ensuring that all users of the Earn program were made whole.
Gemini’s recovery sets it apart from other fallen crypto firms in 2022. While firms like FTX and Celsius have promised to reimburse customers in cash instead of crypto terms, Gemini has managed to repay its customers in full, with a 232% asset recovery in USD terms.
The bankruptcy of Genesis, which led to the collapse of both Genesis and Gemini, resulted in a series of fraud accusations and lawsuits between the companies involved. Gemini has maintained that Genesis was solely responsible for the bankruptcy and subsequent recovery efforts.
Gemini’s successful recovery of customers’ digital assets after the bankruptcy of its lending arm showcases the company’s commitment to its users and responsible leadership. The recovery has been a beacon of hope in an industry plagued by insolvencies and lost assets.
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