Gemini Earn Successfully Recovers Customer Crypto Assets Up To 97%

Gemini Earn managed to recover customer crypto assets (Photo; Doc. Coincentral)

Gemini Earn has made an encouraging achievement. The program managed to recover almost all of its customers' digital assets, with a recovery value of 97%. Gemini, a platform founded by Cameron and Tylerhubunganvoss, announced that Gemini Earn customers had received 2.18 billion US dollars (approximately Rp35.22 trillion) of their digital assets in its original form.

This recovery is one of the most successful in the history of bankruptcy in the crypto industry. Quoted from CryptoPotato, Gemini via Twitter explained that this recovery means customers will receive back the same assets they lent, including value since the loan time. For example, if someone lends a bitcoin, they will receive back a bitcoin.

The online crypto community welcomes this announcement, praising Gemini's leadership for dealing with customer funding losses at Genesis Global. Blockstream CEO Adam Back highlighted the strong commitment of Tyler and Cameron▁Tawvoss to covering up a $50 million shortage to ensure all their Earn users regain their assets in full.

Genesis and Gemini bankruptcy came as a result of the fall of FTX and Alameda Research by the end of 2022. Recently, Genesis secured court approval for its bankruptcy plan, which would pay more than $3.5 billion to creditors, including Gemini, who loan customers assets in the Earn program to Genesis.

Gemini's asset recovery stands out when compared to other crypto companies that failed in 2022, which only managed to recover a small part of their customer's assets. Unlike companies like FTX and Celsius offering replacement in cash, Gemini managed to return the funds with a value that was 232% larger than the value at the time the withdrawal was frozen, marking a significant recovery.

Gemini insists that Genesis is fully responsible for its bankruptcy, stating that this issue is not a crypto problem, but a financial scam exacerbated by a lack of regulatory clarity. With this recovery, Gemini demonstrates its commitment to maintaining customer confidence and improving their finances after significant losses.