Genesis Agrees to $2 Billion Settlement for Defrauded Crypto Investors

New York Attorney General Letitia James secures historic deal, creating a victims' fund from Genesis' remaining assets to compensate affected investors.

The settlement marks the largest ever reached between New York State and a cryptocurrency company.
Genesis will cease operations in New York as part of the agreement.
The victims' fund will distribute up to $2 billion to creditors and investors, pending bankruptcy court approval.
Genesis filed for Chapter 11 bankruptcy in January 2023 following the collapse of FTX and other crypto firms.
The lawsuit alleged Genesis concealed over $1 billion in losses from investors.