Photo: Koshiro via Adobe Stock 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' fund for Genesis' creditors, with the firm neither admitting nor denying the allegations.
May 20, 2024 at 03:55 PM
3 minute read
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 creditors $2 billion in cash and digital assets is said to be the largest digital assets agreement in New York history, the state attorney general's office said Monday.
"This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice," New York Attorney General Letitia James said in a statement. "Once again, we see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry. New York investors deserve the peace of mind that comes from a properly regulated marketplace, and that is something my office will always act to achieve."
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