When any company files for bankruptcy it often means investors or those whose assets the company had are in trouble. With crypto though it has honestly shown to be exponentially worse as we have seen with 3AC, Hodleraut, and many many others. Off the top of my head can only think of FTX as one that looks like it is going to be fine as long as the value of crypto doesn't plummet again.
As a Brave Browser user when they added Gemini to the list of payment options it was an easy choice to choose them over Uphold. An added feature that I loved though was that when your BAT was sent to your Gemini wallet for free you could move it to Gemini Earn and start yielding even more BAT! Sadly this lasted just a few months though before it all came crashing down as Genesis, a subsidy of Digital Currency Group (DCG), filed for bankruptcy due to the market crash caused in part by 3AC. I moved as quickly as I could but was not able to withdraw my BAT in time so I have over 120 BAT stuck in my "pending balance" section.
The last 6+ months have seen Gemini, Genesis, and DCG all seem to file lawsuits against each other over how the Gemini Earn partnership collapsed. While I believed I would get something back for the assets I had "lost" I wasn't entirely sure what that would be or how it would look so imagine my surprise when yesterday (ironically my birthday) I received an emailed update from Gemini about the situation and it told me that not only would I get back my initial assets lent but also the interest I had earned as well!
To me what was so huge about this was that in my instance I was going to get my BAT back and not be paid in something like USDC or USDT. I figured if they were going to do the assets they would also just give you back an amount that equaled what you had lent. While this still requires the courts to approve it would be a stunning move for them not to approve it since it would make all the victims whole and the SEC and other regulatory bodies have reached their own settlements with Gemini as well. Due to the size and scope of it Gemini has informed us it will likely take a couple of months to get the courts to sign off but once they do that users will get approximately 97% of their assets back within 2 months and the remaining amount over the course of the following 12 months.
That is an insanely quick return rate for such a large sum upfront and something to me that lends a lot of credence and trust in Gemini because a ton of times even in regular business it is a much smaller part up front and then sometimes several years before they make you whole. Gemini though is supercharging the return and that is something they should be commended for doing. Hopefully, the courts sign off without throwing a wrench into it!
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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