New York AG Secures $2B Settlement from Genesis for Defrauded Crypto Investors
Summary:
Attorney General Letitia James has confirmed a $2 billion settlement secured by her office with cryptocurrency firm Genesis, to reimburse defrauded investors. New York will see the funds returned to Genesis investors and the firm's operations in the state will be banned. The firm is accused of deceiving investors who sent over $1.1 billion through the Gemini Earn program.
New York's top prosecutor, Attorney General Letitia James, publicly declared that her office had attained a massive $2 billion agreement with the cryptocurrency enterprise Genesis to provide restitution for swindled investors. A communique issued on May 20 specified that a bankruptcy tribunal had sanctioned a $2 billion agreement among regulatory bodies and Genesis Global Capital, together with its affiliate firms Genesis Asia Pacific and Genesis Global Holdco. Long-standing investors of Genesis are to be reimbursed with the settlement funds, whereas Genesis operations will be prohibited in New York. James accused Genesis of intentionally deceiving its investors, who had entrusted more than $1.1 billion to the platform via the Gemini Earn initiative. As of the time of releasing this report, our attempts to seek comments from Genesis remained unanswered. Source: Letitia James, Attorney General of New York. This article will continue to be updated as new details unravel.
Published At
5/20/2024 6:52:30 PM
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