In a major breakthrough, Gemini, a leading cryptocurrency exchange, has announced plans to repay its Earn users a staggering $2.18 billion worth of digital assets. This move marks a significant milestone in the recovery process for users who were left stranded after the collapse of FTX and Genesis, Gemini's lending partner.

The repayment, which represents a 232% recovery for Earn users, is a testament to Gemini's commitment to making things right. The exchange's lending partner, Genesis, was severely impacted by FTX's 2022 crash, resulting in the blockage of withdrawals for over $940 million in assets. Genesis subsequently filed for bankruptcy, leading to a prolonged legal battle between Gemini's co-founders, Cameron and Tyler Winklevoss, and Genesis, Digital Currency Group (DCG), and DCG CEO Barry Silbert. The New York authorities also intervened, resulting in a $37 million fine for Gemini and a commitment to recover $1.1 billion for Earn investors in February.

Today, Earn users have received their digital assets in kind, marking a significant step forward in the recovery process. These initial distributions represent 97% of the digital assets owed to Earn users, $1 billion more than when Genesis halted withdrawals, and a 232% recovery from when Genesis halted withdrawals. Gemini has allocated $50 million to ensure Earn users' recovery in an unprecedented bankruptcy outcome, demonstrating its commitment to transparency and accountability.

This development is significant not only for Gemini but also for the broader crypto industry. Several other firms that were severely impacted by the 2022 market crash are also finalizing creditor repayment plans. The FTX estate, for example, expects to return up to 142% of customer funds and make over two million creditors whole, accounting for the difference in crypto prices since filing for Chapter 11 protection. This trend highlights the industry's growing maturity and willingness to prioritize transparency and accountability in the face of adversity.