Gemini Earn Users Will Only Get 61% of Their Assets
According to the reorganization plan, in the worst-case scenario, Gemini Earn users will only receive 61% of the value of their lost assets.
The voting period for the plan will end at 4:00 pm EST on January 10, 2024. If approved, the plan will undergo a review by the bankruptcy court on February 14, 2024.
Users have been provided with instructions on how to vote and a link to the Genesis offer package.
Under this reorganization program, creditors will receive a payout based on the amount they had in their Earn balances as of January 19, 2023, when the Gemini partner lending platform, Genesis Global Capital, filed for bankruptcy.
James Seyffart, a Bloomberg analyst, has criticized the plan as “cruel.” He also pointed out that even in a best-case scenario where users receive a full refund at the rates as of January 19, 2023, their Bitcoin and Ethereum assets will still be valued at $20,940 and $1,545, respectively.
