Gemini, a crypto exchange, announced that users of its discontinued Earn product will start receiving approximately 97% of their frozen digital assets by the end of this month.

The exchange clarified that the initial distributions will be in kind, meaning users will receive the same amount of assets they had lent into the Earn program, along with any appreciation since then. This news coincides with the approval for Genesis, a failed crypto lender, to return around $3 billion of its customers' assets.

The relief is significant for Earn users, who have had their assets frozen since November 2022 due to Genesis's liquidity crisis. The community has largely welcomed Gemini's plan, especially considering the substantial increase in asset values since 2022. Gemini Earn, an interest-bearing product, has faced controversy since Genesis's bankruptcy filing last year, leading to its suspension in January 2023.

Gemini has pursued legal action against Digital Currency Group, Genesis's parent company, alleging that it was aware of Genesis's insolvency but failed to inform investors. Regulatory scrutiny from the NYDFS and SEC has also been a challenge, with Gemini settling with both regulators.