New York Attorney General Reaches $2 Billion Settlement with Genesis

Letitia James, the New York Attorney General, announced a $2 billion settlement agreement with bankrupt cryptocurrency lending platform Genesis, which will help maximize compensation for investors. As Genesis had previously declared bankruptcy, the settlement agreement requires review and approval by a bankruptcy court. The settlement agreement will establish a victim fund to assist defrauded investors, including at least 29,000 New Yorkers who contributed over $1.1 billion to Genesis through Gemini Earn investments. Additionally, the settlement agreement prohibits Genesis from operating in New York. This is the largest settlement agreement in New York history against a cryptocurrency company.