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.
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in Octoberon account of lying and defrauding investors of over $1 billion. Genesis has been banned from operating in New York.
This is the largest settlement against a crypto company in New York history. That money will go back to defrauded investors, and Genesis is also banned from operating in New York. https://t.co/tfQf1wwKu6 — NY AG James May 20, 2024 This began after Genesis filed for Chapter 11 bankruptcy earlier in 2023 and froze withdrawal options for its customers on the platform. The company only received court approval last week to refund its customers $3 billion of cash and cryptocurrency.
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