tl;dr
Gemini has announced that its Gemini Earn users have received 100% of their digital assets back in-kind, totaling $2.18 billion. This represents a 232% recovery from when Genesis, Gemini's Earn partner, halted withdrawals. Gemini contributed $50 million to ensure users' recovery, with 97% of digital...
Gemini, a cryptocurrency platform, has reported that its users in the Gemini Earn program have received a complete return of their digital assets from Genesis, its partner, totaling $2.18 billion, representing a 232% recovery. Gemini contributed $50 million to ensure the recovery and expects to distribute the remaining balance within 12 months.
The relationship between Genesis and Gemini has been marred by legal disputes and regulatory scrutiny, including a $2 billion settlement by the New York Attorney General to establish a victims' fund for affected users and Genesis Global Capital agreeing to pay a $21 million civil penalty to settle SEC charges related to the Gemini Earn program. Gemini co-founder Tyler Winklevoss called Genesis "financial fraud" and emphasized Gemini's commitment to returning 100% of users' digital assets.
The lawsuits between Genesis and Gemini, along with regulatory interest from the U.S. Securities and Exchange Commission and the New York Attorney General, have underscored the challenges faced by both companies. Despite these developments, Gemini has remained focused on advocating for its users and achieving a significant recovery on their behalf.
More about PayPal Holdings Inc
PayPal Holdings, Inc. is an American company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.
Industry: Trade & Services
Sector: Services-Business Services, NEC
Market Cap: $65.03 billion
PE Ratio: 15.54
Dividend Yield: None
Beta: 4
EPS: 28.0
Price/Book: 0.143
Shares Outstanding: 3.04 billion
Revenue: $30.43 billion
Net Income: $7.578 billion
Debt/Equity: 0.186
Current Ratio: 0.094