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Court Greenlights Gemini Trust and Genesis Settlement with Bankruptcy Creditors!

Key Points:

Gemini Trust secures court approval for global settlement with Genesis, marking milestone in Earn users’ asset recovery journey.
Initial distribution to Earn users estimated at 97% of owed digital assets, expected in late May or early June.
Remaining distribution amount to be recovered from Digital Currency Group, Inc. (DCG), ensuring full asset restitution.

Gemini Trust, in its latest development regarding Earn’s plan, announced a significant milestone in the ongoing saga of digital asset recovery.

During a hearing on April 16, the bankruptcy court delivered oral approval for the global settlement agreement between Gemini Trust, Genesis, and other creditors involved in the Genesis bankruptcy case.

This approval marks a pivotal moment in the journey toward full restitution for Earn users’ digital assets, signifying progress in the efforts to resolve the fallout from the suspension of Earn on November 16, 2022.

Details of Gemini’s Global Settlement with Genesis

The settlement agreement outlines key provisions, notably specifying that the initial distribution to Earn users will encompass approximately 97% of the digital assets owed to them as of the suspension date. This first distribution is slated to take place in late May or early June, offering a glimmer of hope for affected users awaiting the return of their assets.

Additionally, the agreement outlines a plan for the recovery of the remaining distribution amount from Digital Currency Group, Inc. (DCG), ensuring that efforts continue to secure the full restitution of digital assets to Earn users.

Gemini Trust’s update underscores its commitment to transparency and accountability in navigating the complexities of the Earn suspension fallout. By securing approval for the settlement agreement, the company takes a significant step forward in fulfilling its obligation to users and restoring confidence in the digital asset ecosystem.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.