Winklevoss’ Gemini to repay investors their frozen asset

The Winklevoss twins, owners and founders of Gemini, an exchange that suffered in the fallout of the FTX debacle, are looking to make amends

Crypto meltdowns happen every so often, and when they do, they tend to rout markets. Whether it’s a nefarious cyber-attack with ties to a totalitarian regime in Asia, or the antics of a charismatic yet ultimately clueless crypto boss, the crypto market is susceptible to shock which usually leaves investors on the hook.

Not in this case, as the Winklevoss twins, the founders of the defunct Gemini crypto exchange, who have finally confirmed on Wednesday that they will be paying out $2.18 billion to their crypto investors part of the exchange.

Withdrawals from Gemini were frozen in November 2022, attracting the type of unwanted public opinion that the Winklevoss, who tend to build their businesses on reputation first, didn’t want. Now, almost two years after the fact, the brothers are making amends, promising to repay 100|% of digital assets back to investors.

The investment, though, was tied to the Earn program, which promised to increase the value of the assets left in Genesis’ custody, which the Winklevoss’ now have delivered on as well. In an official email, the brothers explained that they had been able to settle with the creditors in the Genesis Bankruptcy case, and as a result:

“This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all increase in the value of your assets since you lent them into the Earn program.”

Gemini made waves with its Earn product which promised to significantly increase the value of any digital coins stored in the exchange’s scheme, but was hit by the events surrounding FTX, which depressed market value to the point where the company became unsustainably and had to file for Chapter 11 bankruptcy protection.

New York Attorney General Letitia James has already given the greenlight to the settlement allowing investors to be repaid.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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