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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.
The settlement also bars Genesis from operating in New York. James filed suit against Genesis in October of 2023, accusing it of hiding more than $1.1 billion in losses from investors.
New York Reaches $2B Settlement with Bankrupt Crypto Lender Genesis The settlement resolved a lawsuit James' office filed in state Supreme Court of Manhattan in October and establishes a victims ...
The New York Department of Financial Services plans to announce later today a settlement with Genesis Global Trading, a subsidiary of the major crypto conglomerate Digital Currency Group. After an ...
Digital Currency Group objected to subsidiary Genesis' proposed settlement with the New York attorney general's office. NYAG sued DCG and Genesis – as well as another company – on fraud charges.
Key Takeaways Cryptocurrency companies Gemini, Genesis, and DCG are being sued by New York Attorney General Letitia James for defrauding customers.Crypto exchange Gemini is accused of lying to ...
The original version of this story was published on New York Law Journal A settlement for bankrupt cryptocurrency brokerage firm Genesis Global Capital to repay its ...