Crypto exchange Gemini and bankruptcy crypto startup Genesis have agreed on the Earn protocol.
The bankruptcy of crypto exchange FTX dealt a heavy blow to the crypto industry. Crypto organizations have also struggled with liquidity woes, citing the FTX bankruptcy. Genesis, a subsidiary of Digital Currency Group (DCG), also went bankrupt due to liquidity problems. In addition, Genesis entered a legal battle with Gemini over the Earn protocol. After these processes, Gemini reported that they met at a common point with Genesis.
Gemini Founder: Agreed on DCG and Genesis
Cameron Winklevoss, one of the Gemini founding twins, announced that a compromise has been reached on the Earn protocol with Genesis.
Assets in Earn protocol with Gemini were also affected after Genesis stopped withdrawals. Gemini claimed that these assets belonged to their users and that they be returned, but received no response. The duo, who entered the legal processes, finally managed to meet at a common point.
Winklevoss said that Gemini has reached an agreement with Genesis and Genesis’ parent company, Digital Currency Group (DCG). The founding partner stated that they met on a common plan to return the assets belonging to the counterparties and Earn users.
This agreement was also reported to the court that conducted the Genesis bankruptcy process. According to Winklevoss, this plan will be an important step towards settlement of assets to all Genesis creditors.
In addition, Gemini will make an extra contribution of up to $100 million to its users on the Earn protocol as part of the plan.
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