New York AG announces $2 billion settlement with crypto lender Genesis
Powered by @unfolded- New York Attorney General Letitia James has settled with crypto lender Genesis for $2 billion in order to repay defrauded investors.
- Genesis had filed for Chapter 11 bankruptcy protection in January 2023 following the collapse of FTX.
- The settlement is the largest against a crypto firm in the state's history and establishes a Victims' Fund for investors.
- The bankruptcy court also approved a separate settlement that ends a lawsuit filed by the Securities and Exchange Commission against Genesis and its partner Gemini.