Gemini co-founder Cameron Winklevoss on Friday said the firm will continue with its decision to take legal action against Digital Currency Group, founder Barry Silbert, and others accountable for Gemini’s harm. Previously, Genesis says it is hopeful of successfully emerging from bankruptcy and restarting its operations starting in May. Gemini's Cameron Winklevoss will pursue legal action against DCG and Barry Silbert despite Genesis bankruptcy to recover customer funds. Winklevoss said last month that over 340,000 users of the Gemini Earn program were affected by the liquidity challenges that hit Genesis beginning last year. Court filings obtained last month revealed that the firm owes more than $3.8 billion to its largest 50 creditors, including Gemini. Genesis initially filed for bankruptcy in January. There is still much work to be done to complete this process, including further due diligence of Genesis financials and judicial approval of this plan, but we are confident that we now have a framework in place to execute on.” In addition, Gemini will be contributing up to $100 million more for Earn users as part of the plan, further demonstrating Gemini’s continued commitment to helping Earn users achieve a full recovery… “This plan is a critical step forward towards a substantial recovery of assets for all Genesis creditors. (An 8.05 APY isn't so insanely high that it's going to. Interest rates available through Gemini Earn are displayed net of an agent fee charged by Gemini. It's also an excellent place to get started with earning an APY on crypto holdings with Gemini Earn. Per the Gemini co-founder, the crypto exchange will contribute its own resources to ensure Earn subscribers are compensated fully. So when you look at the gemini earn page that is showing the total amount you would earn with the fees already subtracted. Waiting for Genesis/DCG to update everyone on what is going on. Some have claimed they were able to receive back portion of certain tokens after 11/16 but as far as I know no ones been able to claw back GUSD since 11/16. According to Winklevoss, the agreement was signed in bankruptcy court earlier this week and puts all Genesis creditors on a path that enables the “substantial recovery” of their assets. Their platform still allows you to request redemption but they are not processing.
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