Gemini Earn Updates - Transparency Builds Trust | Gemini
With this final distribution, Earn users will have received 100% of the assets owed to them in kind. This represents a 237% recovery — $1 billion more in value — from when Genesis halted withdrawals. We are thrilled that we have been able to achieve this full recovery in kind for you. We recognize the hardship caused by this lengthy process and appreciate your continued support and patience throughout. And we are thankful that it has now officially concluded! June 20, 2024 (Thursday)
Final Earn Distribution Announcement
Today, we are pleased to announce that your final Earn distribution — approximately 3% of the remaining digital assets owed to you by Genesis as of the suspension date (November 16, 2022) — is now available in your Gemini account.
The following message was shared with Earn users today: June 14, 2024 (Friday)
Today, we are pleased to announce that final Earn distributions — representing the remaining 3% of the digital assets owed to you as of the suspension date (November 16, 2022) — will be available in your Gemini account within 7 days.
With this final distribution, Earn users will have received 100% of the assets owed to them.
We will notify you by email when your final distribution is available in your Gemini account. We are also pleased to announce that in connection with the final Earn distribution, Gemini has entered into an agreement with the New York Attorney General (NYAG) to settle the lawsuit the NYAG brought against Gemini on October 19, 2023. We are excited to deliver this full recovery to you and appreciate your ongoing patience and support throughout this process. May 31, 2024 (Friday)
Initial Earn Distributions
On Wednesday, initial Earn distributions — approximately 97% of the digital assets owed to you by Genesis as of the suspension date (November 16, 2022) — were distributed and made available in your Gemini account.
The initial distributions are in kind, meaning that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all increase in the value of your assets since you lent them into the Earn program.
We are thrilled that we have been able to achieve this recovery for you. We recognize the hardship caused by this lengthy process and appreciate your continued support and patience throughout. Going forward, we will update this page when we have updates regarding your remaining asset balance, which you can expect to receive within the next 12 months. May 29, 2024 (Wednesday)
Final Earn Distributions
Today, we are pleased to let you know that initial Earn distributions — approximately 97% of the digital assets owed to you by Genesis as of the suspension date (November 16, 2022) — are now available in your Gemini account.
You can expect to receive your remaining asset balance within the next 12 months. The initial distributions are in kind, meaning that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all increase in the value of your assets since you lent them into the Earn program. Please view our FAQ for more information.
Plan Confirmations and Settlements
Today, the Bankruptcy Court issued a decision (i) finding that Genesis’s Amended Plan should be confirmed and (ii) approving Genesis’s settlement with the New York Attorney General. While this is a welcome decision for Genesis creditors, it does not impact the global settlement among Gemini, Genesis, and other creditors in the Genesis Bankruptcy previously approved by the Bankruptcy Court. With regards to the global settlement, the Settlement Effective Date (SED) occurred on Thursday, May 9, 2024, and Genesis filed a notice regarding the SED on Monday, May 13, 2024.
Initial distributions — approximately 97% of the digital assets owed to you as of the suspension date (November 16, 2022) — are now expected to occur by the end of May. As a reminder, the initial distributions will be in kind. This means, for example, that if you had lent one bitcoin in the Earn program (as of November 16, 2022), you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program. We truly appreciate your patience and support while we continue to advance this process to conclusion. May 17, 2024 (Friday)
Enhanced Security Measures
Today, we enabled Approved Addresses on all Earn customer accounts in order to enhance your account security ahead of initial distributions. This only impacts customers who want to withdraw their digital assets to an external cryptocurrency wallet. Earn users who plan to withdraw crypto will need to submit address(es) for approval to your Approved Address List. Once an Approved Address is added, it is subject to a 7-day approval period before it will be activated for withdrawals.
You will still be able to trade, store, and/or withdraw fiat regardless of whether you have added addresses to your Approved Address List. Please review the FAQ here for more information. Confirmation of the Plan remains under review by the Bankruptcy Court and we will provide an additional update once confirmed. May 10, 2024 (Friday)
Expected Distributions and Security Updates
Confirmation of the Plan remains under review by the Bankruptcy Court. We expect initial distributions — approximately 97% of the digital assets owed to you as of the suspension date (November 16, 2022) — will occur by early June. As a reminder, we will be enabling Approved Addresses on all Earn customer accounts on Friday, May 10th. This only impacts customers who want to withdraw their digital assets to an external cryptocurrency wallet. Please review the Earn update from Wednesday, May 1, for more information as well as actions to take to ensure you can access your digital assets once they are returned to your account.
Security reminder: Gemini, Genesis, and Kroll will never
