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

According to BlockBeats, on April 17, Gemini issued a statement saying that at the hearing on April 16, the bankruptcy court verbally approved the global settlement agreement between Gemini, Genesis and other creditors in the Genesis bankruptcy case. The settlement agreement stipulates that as of the Gemini Earn suspension date (November 16, 2022), the initial distribution amount distributed to Earn users is approximately 97% of the digital assets owed to users, 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 (DCG).