Excerpt of email:
We are pleased and relieved to let you know that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind.
This means, for example, that if you had lent one bitcoin in the Earn program, 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. If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022. Looking forward, if the Bankruptcy Court approves the settlement in principle announced today, you can expect to receive approximately 97% of your assets in kind within about two months. And you can expect to receive your remaining asset balance within the next 12 months.
The settlement in principle is subject to definitive documentation. This required Bankruptcy Court process could take as long as two months to complete, and we will keep you informed along the way. Gemini thanks the New York Department of Financial Services (DFS) for its role in this settlement, which delivers a coin-for-coin recovery for Earn users.
Team Gemini submitted by /u/baeiby
[link] [comments]
http://dlvr.it/T3PDtJ
We are pleased and relieved to let you know that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind.
This means, for example, that if you had lent one bitcoin in the Earn program, 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. If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022. Looking forward, if the Bankruptcy Court approves the settlement in principle announced today, you can expect to receive approximately 97% of your assets in kind within about two months. And you can expect to receive your remaining asset balance within the next 12 months.
The settlement in principle is subject to definitive documentation. This required Bankruptcy Court process could take as long as two months to complete, and we will keep you informed along the way. Gemini thanks the New York Department of Financial Services (DFS) for its role in this settlement, which delivers a coin-for-coin recovery for Earn users.
Team Gemini submitted by /u/baeiby
[link] [comments]
http://dlvr.it/T3PDtJ
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