New York AG Secures $2 bn Settlement From Genesis Global
New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt crypto firm Genesis Global, stemming from a lawsuit she filed against Genesis, Digital Currency Group (DCG), and Gemini in October last year.
The settlement aims to maximize recoveries for investors who were scammed through “fraud and manipulation.” The Victims Fund will receive distributions from assets remaining in Genesis’ estate after bankruptcy distribution to creditors, with up to $2 billion from Genesis’ remaining assets if creditors are not made whole based on today’s digital asset values.
The Victims Fund will then make distributions to compensate Genesis’ creditors for their full and fair amounts of losses until the Victims Fund is depleted.
(With inputs from Shikha Singh)
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