The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.

In a May 20 notice, the New York AG said a bankruptcy court had approved the $2 billion settlement between authorities and Genesis Global Capital, Genesis Asia Pacific and Genesis Global Holdco.

NY AG Letitia James secured $2B settlement from Genesis Trading for defrauding investors. Largest crypto settlement in NY history, bans Genesis from operating in state.

After a lawsuit filed by the New York Attorney General against crypto lender Genesis in late 2023, the company reached a settlement of $2 billion with the AG on Monday.