Gemini Earn users, the company has good news for you. It has resumed operations for the program and is now allowing users to withdraw the money kept here. Users who have had their assets held back by the company for as long as two years since the company paused this program can now withdraw as much as $2.2 billion in cryptocurrency.
After initially seeing a suspension date for its entire operations, which led to the company's bankruptcy, many users demanded their funds back, and they were widely unavailable for years on end.
Gemini Earn: $2.2B In Crypto Now Available to Retrieve, Withdraw
Gemini Earn posted an update on its website regarding the $2.18 billion worth of cryptocurrency holdings it has from the lending program, 18 months after the company paused its withdrawals. Amidst the events of Gemini's downfall, the company temporarily halted the withdrawals from its Earn program in November 2022, and since then, it has remained frozen.
(Photo : MARCO BELLO/AFP via Getty Images)
However, this recent update is now welcoming users back to their accounts so they can retrieve the money they own, with 97 percent of the digital assets coming back for Earn users.
These assets are investments made with the hopes of increasing their crypto's value if kept here. The company says that it is making it its priority to return the assets owed to users.
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Gemini Returns Money with Its Increased Rate
According to the company's separate release, Gemini Earn would give users a 1:1 return for the assets held by them since November 2022, but there is more that the company is offering. Instead of returning the users' capital or the exact amount of what they left in the first place, Gemini will also give them how much their crypto has increased since it entered the program.
There are many crypto exchange giants and renowned companies that saw an Icarus-inspired story, with a massive rise to stardom and popularity and eventually their downfall. One of the top examples of this was FTX, with events that led up to its bankruptcy, down to its founder Sam Bankman-Fried's conviction, and the crypto exchange paying back its debts.
However, FTX was not the only crypto exchange platform that saw its downfall in 2022 and eventually declared bankruptcy officially in the country. Gemini Trust was one of the three cryptocurrency firms that saw massive scrutiny for its massive losses, which exceeded $1 billion. Cameron and Tyler Winklevoss's Gemini Trust was sued for investor fraud.
While there were hopefuls about Gemini returning the money it owed to its previous customers and investors, some lost hope after a long time had passed since the company paused its withdrawals. Despite its downfall, Gemini is now doing right for its Earn program users by returning the almost $2.2 billion it owed, and the silver lining is that the defunct company also accounts for their earnings.
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