Genesis Global Agrees to Historic $2B Settlement to Repay Defrauded Crypto Investors
May 21, 2024![Genesis Global Agrees to Historic $2B Settlement to Repay Defrauded Crypto Investors](https://cdn.brief.news/cdn-cgi/image/fit=contain,width=768/images/stories/5d42727f8fde4be260734d95ff08bbf1bee64d899bba16d642e03c9967a034840fdf08fef8052ae8ecc17ee6bc4af7f821c67c953eb3b9a6986ac293f9548328.png)
Genesis Global agrees to a $2 billion settlement following its Chapter 11 bankruptcy filing in January 2023.
The bankruptcy was triggered by the collapse of FTX, resulting in over $1 billion in losses for victims of the Gemini Earn program.
New York Attorney General Letitia James announced the settlement, the largest ever against a crypto firm in the state.
A victims fund will be created to aid the 29,000 affected investors, with refunds starting in May.
Dollar creditors will receive full refunds first.
Genesis is barred from operating in New York.
Gemini expressed gratitude to the judge and clarified that the ruling does not affect their overall agreement with Genesis and other creditors.
Summary based on 9 sources
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![Crypto lender Genesis will return $3 billion to defrauded customers after company filed for...](https://cdn.brief.news/cdn-cgi/image/fit=contain,width=160/images/links/5d42727f8fde4be260734d95ff08bbf1bee64d899bba16d642e03c9967a034840fdf08fef8052ae8ecc17ee6bc4af7f821c67c953eb3b9a6986ac293f9548328.png)
Daily Mail • May 20, 2024
Crypto lender Genesis will return $3 billion to defrauded customers after company filed for...![NYAG Takes Victory Lap as Court Approves Genesis Settlement](https://cdn.brief.news/cdn-cgi/image/fit=contain,width=160/images/links/59ac43a079bb139252b7149d915b5669ef9f50ee6f205a2ea5a7f180f6c446262e59d614add023e4deb17a7cd72d66cf4ffc08e4dffd746a4983036c0516f4a8.png)
CoinDesk • May 21, 2024
NYAG Takes Victory Lap as Court Approves Genesis Settlement![Bankruptcy Court Approves Genesis Settlement With NY Attorney General](https://cdn.brief.news/cdn-cgi/image/fit=contain,width=160/images/links/1eabf7929fc9f4e284956ec0e5a0554048b4e7158389c473276cba44661d4fb24d046077973e2474d2f02456d98e5a783b9d275a42450e7fe663c4d528765d1c.png)
PYMNTS.com • May 20, 2024
Bankruptcy Court Approves Genesis Settlement With NY Attorney General![New York AG announces $2 billion settlement with crypto lender Genesis](https://cdn.brief.news/cdn-cgi/image/fit=contain,width=160/images/links/180ac53fd005c291f6c8406f890194f0ac8d0e5eadb04953c251e341d9594c020b9c423a909034123108d15730530ce7575818641b735521b991543cee79c1c6.png)
NBC 5 Dallas-Fort Worth • May 20, 2024
New York AG announces $2 billion settlement with crypto lender Genesis