TLDR: Gemini customers who have been affected by the Genesis bankruptcy can expect to receive their initial payout in early June 2024. The exact date will depend on a number of factors, including the completion of certain administrative tasks and the availability of funds from Genesis.
Background
In January 2023, Genesis Global Capital, a large cryptocurrency lending firm, filed for bankruptcy. This had a ripple effect throughout the cryptocurrency industry, as Genesis had many clients who were also Gemini customers. Gemini is a cryptocurrency exchange that offers its customers a number of Earn products, which allow them to earn interest on their cryptocurrency deposits. These Earn products were backed by Genesis, and as a result of the bankruptcy, Gemini customers were unable to withdraw their funds.
The Settlement
In April 2024, Gemini, Genesis, and a group of creditors reached a settlement agreement. The agreement allows Gemini customers to recover a portion of their funds. The amount of each customer’s payout will be based on a number of factors, including the amount of cryptocurrency they had deposited in Earn products and the date of their deposit.
Payout Date
The earliest possible date for the initial payout is May 4, 2024. However, it is more likely that the payout will occur in early June 2024. Gemini has stated that they will provide more information about the exact payout date as soon as it is available.
What to Expect
Gemini customers who are eligible for a payout will be notified by email. They will then need to provide Gemini with their bank account information so that the payout can be processed. Gemini has stated that they will make every effort to process payouts as quickly as possible.
What You Can Do
In the meantime, there are a few things that Gemini customers can do:
- Review the settlement agreement: The settlement agreement is available on the Gemini website. It is important to review the agreement to understand your rights and how the payout will be calculated.
- Update your account information: Make sure that your Gemini account information is up to date, including your email address and bank account information.
- Be patient: The payout process may take some time. It is important to be patient and wait for Gemini to contact you.
Additional Resources
- Gemini Earn Updates – Transparency Builds Trust
- Genesis Global Capital LLC Chapter 11 Case [URL yang tidak valid dihapus]
Disclaimer
This article is for informational purposes only and does not constitute legal advice. Please consult with an attorney if you have any questions about your legal rights.