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Gemini Trust Earn was a product initiated by the Winklevoss twins’ managed Gemini Co. to reward subscribers with up to 8% APY for lending their crypto assets to the firm. However, Gemini halted the Earn program following Genesis, its crypto lending partner’s exposure to the FTX meltdown. This sudden halt to the program caused a lot of frustration for subscribers, who had invested their funds in the program.

Despite the halt, the Earn users have been made to wait for a breakthrough in Genesis’s bankruptcy process. While some users have sued Gemini for selling an unregistered product to them, Gemini has been proactive in its efforts to recover the $900 million stuck in the defunct Genesis.

Gemini has turned to the Unsecured Creditor Committee (UCC) to facilitate the Earn product fund recovery. The committee represents Gemini in Genesis’s bankruptcy hearing, soliciting for the release of the funds stuck in the crypto lender’s purse. This is a positive step towards recovering the funds and returning them to subscribers who were affected by the sudden halt of the Earn program.

The wait for the return of the funds has been frustrating for many affected users, but Gemini has reiterated its commitment to returning the assets as soon as possible. In a recent blog update, the exchange shared the progress it has made so far in recovering the funds and transferring them back to subscribers of the program. Gemini has stated that returning the assets is their highest priority, and they are operating with the utmost urgency. They have also expressed their gratitude for the patience and support shown by their users during this challenging time.

While some affected users have applauded Gemini’s efforts, others feel that the exchange should do more to return the funds. One suggestion is for Gemini to fully reimburse affected users from its reserves and then replace the funds when they recover them from Genesis. This would help to regain the respect and trust of investors who have been affected by the sudden halt of the Earn program.

Overall, the situation with the defunct Earn program has been challenging for both Gemini and its subscribers. However, the exchange has remained committed to recovering the funds and returning them to their rightful owners. With the help of the Unsecured Creditor Committee, Gemini is working tirelessly to ensure that this process is completed as soon as possible.