Gemini Trust announced on the X platform that it has reached a preliminary settlement with Genesis and other creditors in the Genesis bankruptcy case. If approved by the bankruptcy court, all Gemini Earn users will receive 100% of their digital assets returned in kind. This means that Gemini Trust will be returning digital assets worth over $1.8 billion, which is $700 million more than when Genesis halted withdrawals on November 16, 2022.
If the bankruptcy court preliminarily approves the settlement, Earn users are expected to receive approximately 97% of their physical assets within about two months, with the remaining balance expected to be received within the next 12 months. This settlement is subject to definitive documentation. The required bankruptcy court procedures may take up to two months to complete, and we will promptly inform Earn users.