New York Attorney General Reaches $2 billion Settlement with Genesis

New York Attorney General Letitia James has announced a $2 billion settlement with bankrupt crypto lender Genesis that will help maximize compensation for investors. Since Genesis previously declared bankruptcy, the settlement, which requires review and approval by the bankruptcy court, will establish a victims' fund to assist defrauded investors, including at least 29,000 New Yorkers who contributed more than $1.10 billion to Genesis through Gemini Earn investments. Additionally, the settlement also bars Genesis from operating in New York. This is the largest settlement against a cryptocurrency company in New York State history.