TechFlow reports that Genesis has requested the bankruptcy court to preliminarily approve a settlement agreement to distribute funds to users. The request will be considered at a hearing scheduled for April 16. If the settlement is approved, suspended Earn account users will receive 100% of their assets, with approximately 97% expected to be repaid within weeks after court approval. The remaining funds will be distributed according to the manner in which they were obtained from Genesis’s parent company, Digital Money Group.
The latest update indicates that, based on current prices, Earn users will collectively receive $2 billion in cryptocurrency—$900 million more than when the service was halted in 2022.
Gemini stated it will return $50 million to users and has the right to expedite asset delivery prior to the final outcome of Genesis’s bankruptcy plan.
