Genesis Reaches $2 Billion Settlement With New York AG’s Office
Summary
The New York State Attorney General secured a $2 billion settlement with Genesis Global Capital, a bankrupt cryptocurrency lending platform. The settlement establishes a victims' fund to compensate investors who lost money through Genesis' platform. The lawsuit against other defendants and Genesis' former business partner will continue. The collapse of Genesis was linked to the downfall of crypto exchange FTX and its sister trading firm Alameda Research. The Attorney General has pledged to increase oversight and regulation in the cryptocurrency space.
