crypto exchange Geminiand the crypto organization that declared bankruptcy Genesisagreed on the Earn protocol.
The bankruptcy of crypto exchange FTX dealt a heavy blow to the crypto industry. Crypto organizations have also struggled with liquidity woes, citing the FTX bankruptcy. Digital Currency Group ( DCG) subsidiary Genesis bankruptcy due to liquidity problems. Moreover Genesis , embarked on a legal fight over the Gemini and Earn protocol. After these processes, Gemini reported that they met at a common point with Genesis.
Gemini Founder: Agreed on DCG and Genesis
One of the Gemini founding twins Cameron Winklevossannounced that a consensus has been reached on the Earn protocol they are conducting with Genesis.
Assets in Earn protocol with Gemini were also affected after Genesis stopped withdrawals. Although Gemini claims that these assets belong to their users and demand their return did not receive a response . The duo, who entered the legal processes, finally managed to meet at a common point.
winklevoss stated that Gemini has reached an agreement with Genesis and Genesis’ parent company, Digital Currency Group (DCG). The founding partner stated that they met on a common plan to return the assets belonging to the counterparties and Earn users.
This agreement was also reported to the court that conducted the Genesis bankruptcy process. According to Winklevoss, this plan will be an important step forward in the settlement of assets to all Genesis creditors.
Additionally, Gemini offers its users on the Earn protocol as part of the plan. It will make an extra contribution of up to $100 million.
