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Gemini, a crypto exchange, is set to release billions of dollars previously held in its inactive lending program. This development spells trouble for Cardano as it drops out of the top 10 cryptocurrencies due to a surge in memecoin launches. Additionally, Ryan Salame, a former FTX executive, has been sentenced to 7.5 years in prison as of May 28th.
Gemini set to return $2.18B to Earn users
After an 18-month freeze on withdrawals, Gemini, a cryptocurrency exchange, has revealed plans to distribute $2.18 billion to users of its Earn lending program. The announcement on May 29 states that Gemini’s Earn participants will be fully compensated for their involvement in the now-defunct initiative. Upon completion of the distributions, users will have received 232% of the original value of their digital assets, encompassing both initial deposits and any appreciation of assets lent out through Earn.
Gemini emphasized that users will be reimbursed with the same assets they lent, along with any appreciation accrued during their participation in the Earn program. This means that if a user had lent one Bitcoin, they will receive one Bitcoin back, inclusive of any asset appreciation.
The decision to distribute funds comes after Genesis, a crypto lending company, was recently authorized to settle $3 billion in creditor claims. Gemini had significant client funds locked up with Genesis when the latter declared bankruptcy in January 2023.
Memecoin mania sees Cardano knocked out of the top 10 crypto rankings
Over the past few weeks, the surge in memecoin popularity has led to Shiba Inu overtaking Cardano in the top-10 cryptocurrency rankings by market capitalization.
During this period of memecoin excitement, tokens like Pepe (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF) have experienced significant bullish runs, reaching new all-time highs and surpassing some well-established cryptocurrencies.
Cardano (ADA), once a top contender in the crypto market, now finds itself in the 11th position after SHIB, with a market capitalization of $16.3 billion compared to SHIB’s $16.4 billion.
Cardano’s current trading price of $0.45 represents a considerable drop from its all-time high of over $3.10, standing more than 80% lower. While other cryptocurrencies like Bitcoin (BTC) have regained most of their previous losses and some are achieving new all-time highs, Cardano, much like Ripple (XRP), appears to be stuck within a certain price range.
Former FTX executive sentenced to prison
On May 28, Ryan Salame, the former co-CEO of FTX Digital Markets, was sentenced to 7.5 years in prison by Judge Lewis Kaplan in the U.S. District Court for the Southern District of New York. His conviction stemmed from charges of conspiracy to operate an unlicensed money transmitting business and engaging in fraudulent campaign financing, to which he pleaded guilty in September 2023.
According to U.S. Attorney Damian Williams, Salame participated in unlawful activities to promote the interests of FTX, Alameda Research, and his accomplices. These activities included an illicit political influence campaign and running an unlicensed money transmitting business, which facilitated FTX’s growth outside the bounds of legal regulations.
Salame’s revelation of FTX’s fraudulent practices occurred in November 2022, shortly before Sam Bankman-Fried’s resignation as CEO. Bankman-Fried, in turn, received a 25-year prison sentence in March for his involvement in similar unlawful activities.
Read More: Dogecoin’s price is down today; do you know why?
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