Customers of crypto firm Winklevoss will get back three times the value of their frozen assets

Customers of crypto platform Gemini can expect to recover more than three times the value of their digital assets caught in the fallout of FTX – a rare outcome for creditors involved in bankruptcy.

Gemini, the exchange founded by Cameron and Tyler Winklevoss, said Wednesday it has secured a 232% recovery for customers who participated in its Earn lending program, a partnership with a third party that halted withdrawals when turmoil hit crypto markets in November 2022 held in his grasp.

More than 230,000 Gemini customers lost access to approximately $940 million in digital assets. In the year and a half since, crypto has made a comeback, bringing the value of frozen funds to $2.18 billion.

“We are happy that we have been able to realize this recovery for our customers. We recognize the hardships caused by this lengthy process and appreciate the continued support and patience of our customers,” said Cameron Winklevoss, president of Gemini, in a statement.

Gemini agreed in February to return at least $1.1 billion to customers of the credit program and pay a $37 million fine for unsafe and unsound practices as part of a settlement with the New York Department of Financial Services.

Wednesday’s announcement explains the rise in crypto’s value, adding more than $1 billion to the total.

For example, if a customer has lent out one bitcoin in the Earn program, they can now expect to receive one bitcoin back.

Just as FTX imploded and caused chaos in the crypto markets, Bitcoin suddenly dropped to around $17,500. A year and a half later, one bitcoin fetched just under $70,000.

Earn customers can expect to receive their remaining assets within the next twelve months, Gemini said.

Customers of FTX, once the world’s second-largest crypto exchange, are also expected to be cured with interest, thanks in part to the rising value of FTX’s crypto holdings and smart artificial intelligence bets that it has been able to liquidate.

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