Genesis requests the court to approve the settlement agreement, and Earn users may receive $2 billion in cryptocurrency
ChainCatcher news, according to CryptoSlate, Genesis has requested the bankruptcy court to tentatively approve a settlement agreement to allocate funds to users. This request will be considered at a hearing on April 16. If the settlement is approved, Earn users with suspended accounts will receive 100% of their assets, with 97% of the amount expected to be repaid within weeks after court approval. The remaining funds will be distributed according to the method obtained from Genesis's parent company, Digital Money Group.
The latest updates indicate that, at current prices, Earn users will receive a total of $2 billion in cryptocurrency, which is $900 million higher than when the service was halted in 2022.
Gemini stated that it will return $50 million to users and has the right to expedite asset delivery before the outcome of the Genesis bankruptcy plan is determined.