Turning Point in the Cryptocurrency Market! $2 Billion Deal Approved by Judge
A New York bankruptcy judge, in a critical decision, has given the green light to a $2 billion deal between the New York State Attorney General's Office and crypto lending firm Genesis.
The approval came a few months after Genesis filed a petition in the U.S. Bankruptcy Court for the Southern District of New York, seeking Judge Sean Lane’s approval for the settlement.
New York Attorney General Letitia James expressed her satisfaction with the outcome in a statement today. James said, “When investors suffer losses due to fraud and manipulation, they deserve to be compensated,” and added:
“This historic settlement is a significant step towards ensuring that victims who invested in Genesis receive a share of justice.”
Genesis Through The Gemini Earn Program
The settlement, the largest ever against a crypto firm in the state’s history, includes a victim fund designed to support New York investors who contributed over $1.1 billion to Genesis through the Gemini Earn program.
The lawsuit was initially filed by Attorney General James against the Bitcoin exchange Gemini, Genesis, and later its parent company Digital Currency Group, due to Gemini’s cryptocurrency lending program. Genesis and Gemini had offered the program to individual investors in 2021, promising returns of up to 7.4%.
Note: This is not investment advice.
