Bankruptcy Court Verbally Approves Proposed Settlement Agreement for Gemini, Genesis and Their Bankruptcy Creditors

Gemini Trust releases update on Earn plan: At a hearing on April 16, the bankruptcy court verbally approved a global settlement agreement between Gemini, Genesis, and other creditors in the Genesis bankruptcy case. This is another milestone in the process of achieving full recovery of Earn users' digital assets. The settlement agreement provides that the initial distribution amount distributed to Earn users will be approximately 97% of the digital assets owed to users as of the suspension date (November 16, 2022), and the initial distribution is expected to be carried out in late May or early June. The remaining distribution amount will be recovered from Digital Currency Group, Inc. (DCG).