Gemini Returns Billions from Defunct Scheme, Cardano Drops in Rankings, Ex-FTX Executive Jailed
Summary:
Cryptocurrency exchange Gemini is set to distribute $2.18 billion to users of its discontinued Earn lending scheme following an 18-month withdrawal stoppage. Meanwhile, the craze for memecoins has demoted Cardano from the top ten in the crypto rankings. In legal news, ex-FTX executive Ryan Salame has been sentenced to 7.5 years in prison for operating an unlicensed money transmitting business and fraudulent campaign financing.
Gemini, a cryptocurrency exchange, is preparing to return $2.18 billion to users of its suspended Earn lending program. In contrast, Cardano felt the negative impact of the recent influx of memecoin introductions, pushing it out of the top ten in cryptocurrency rankings. In a different twist, ex-FTX official Ryan Salame received a 7.5-year prison term on May 28.
Gemini has revealed plans, following an 18-month cessation in withdrawals, to distribute $2.18 billion to its Earn lending program users. Participants in the discontinued program will be fully compensated as per the May 29 declaration. Once the full payout is completed, users will be given 232% of their digital assets' value, including initial investments and any increase in assets lent through the Earn program.
Gemini unveiled the payout plan following Genesis's approval to distribute $3 billion to its creditors. When the lender declared bankruptcy in January 2023, Gemini had millions of its client funds locked with Genesis.
The recent surge in popularity of memecoins has considerably affected Cardano's standing in the cryptocurrency rankings. The latest wave of bullish memecoin runs has encouraged coins like Shiba Inu to topple Cardano from its top ten position based on market capitalization. Owing to the surge of memecoins, Cardano has now dropped to the 11th position in the crypto rankings, currently trading at $0.45, drastically lower than its all-time high.
Ryan Salame, a former co-CEO of FTX Digital Markets, was sentenced to 7.5 years of imprisonment on May 28. The sentencing took place at the U.S. District Court for the Southern District of New York by Judge Lewis Kaplan. Salame was charged with conspiracy to run an unlawful money transmitting business and engaging in fraudulent campaign funding. U.S. Attorney Damian Williams stated that Salame had agreed to further FTX and his co-conspirators' interests through illicit political influence and an unlicensed money transmitting venture, leading to FTX's rapid and illegal expansion. Salame's disclosure of FTX's malpractices in November 2022 was pivotal and coincided with Sam Bankman-Fried's resignation as CEO, who later received a 25-year prison sentence in March.
Published At
5/29/2024 11:54:50 PM
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