Genesis Reaches $2 Billion Settlement to Compensate Defrauded Investors

New York Attorney General secures historic payout as part of bankruptcy liquidation plan, addressing massive losses from crypto lender's collapse.

Genesis will repay 77% of customer assets, totaling $3 billion, under court-approved plan.
The settlement includes a Victims' Fund for 29,000 New York residents impacted by Genesis's Gemini Earn product.
Digital Currency Group, Genesis's parent company, will not receive any payout from the proceedings.
The agreement follows a lawsuit alleging fraud and misleading investors about the Gemini Earn program.
The SEC also settled with Genesis and Gemini over unregistered securities offerings, concluding with a $21 million settlement.