Gemini Earn users will receive over $2 billion worth of their crypto back, more than a year after the lending program ended, according to a statement from the Gemini exchange.

Customers will get their crypto back in kind, meaning those who lent one bitcoin will receive one bitcoin back. This represents a 232% recovery since withdrawals were halted in November 2022.

“We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout,” said Cameron Winklevoss, co-founder and president of Gemini.

Gemini's Earn program, launched in 2021, allowed customers to lend their crypto to now-bankrupt Genesis Global Capital and earn up to 7.4% APY. Genesis filed for bankruptcy in January 2023 after financial losses from the collapses of Three Arrows Capital and FTX in 2022.

Gemini Earn customers can expect to receive the remainder of their "asset balance" within the next year.

The two companies have faced lawsuits over the past year. The SEC sued them in January 2023, alleging the Earn program was an unregistered securities offering. Both companies have moved to dismiss the lawsuit.

Additionally, the New York Attorney General's Office has sued Gemini, Genesis Global Holdco, and its parent company, Digital Currency Group, over the lending program.

In a separate case with the New York State Department of Financial Services, Gemini agreed to pay a $37 million fine and return $1.1 billion to Gemini Earn customers as part of a settlement. The regulator stated that Gemini failed to properly vet or monitor Genesis Global Capital.