Just a couple of hours ago, while I was in between good 'ol meetings at work, an email came across my phone that I had to check out. It was a notification from Gemini concerning the latest update in their ongoing court case with Genesis over the Gemini Earn platform collapse. While we had heard Gemini and others talk about making people whole I was always a little cautious about this because the idea of making someone whole in bankruptcy is extremely rare. In this latest update, Genesis asked its bankruptcy court to approve the settlement they had reached with Gemini when it came to the Gemini Lend program. To me the most important thing broke down to if you lent a BTC you will get a BTC back along with ANY and ALL appreciation of your assets since you lent them. Often in bankruptcy, they will say you lent you BTC at will say $10k so you will get $10k worth of BTC but instead, you are getting the whole thing back! There are still a couple of steps to go before this becomes final and the first traunch of assets are returned (roughly 97% of the amount you are owed). The Bankruptcy Court will consider approval of the settlement at a hearing scheduled for April 16, 2024, at 11 am ET and that will likely close this chapter in the Gemini Earn platforms history. Additional court cases could be filed to try and prevent this April 16 hearing but more likely than not this is it and in a few short months, the crypto will be hitting people's accounts!
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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