NY Attorney General Secures $2 Billion Settlement With Bankrupt Crypto Lender Genesis

New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. The settlement, which requires bankruptcy court approval, will establish a victims’ fund to compensate over 29,000 New Yorkers who invested more than $1.1 billion through the Gemini Earn program. This is the largest settlement against a cryptocurrency company in state history.

The lawsuit, filed in October 2023, accused Genesis of concealing $1.1 billion in losses. Expanded in February 2024, it included additional defendants and an extra $2 billion in defrauded funds. The settlement bans Genesis from operating in New York and does not require Genesis to admit or deny the allegations. The lawsuit continues against other defendants.

Source: Bitcoin

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