Genesis Nyag Settlement (2024) event

Event · PageRank 0.0000

Overview

On May 20, 2024 New York Attorney General Letitia James announced a settlement of about $2 billion with Genesis Global Capital, Genesis Global Holdco and Genesis Asia Pacific — described as the largest settlement with a crypto company in New York State history. The action stemmed from the office's October 2023 lawsuit alleging Genesis concealed more than $1.1 billion in losses from investors in connection with the Gemini Earn programme. Under the deal a victims' fund is to distribute $1.1 billion to roughly 29,000 affected New York residents, and Genesis is barred from operating in New York; the settlement includes no admission of wrongdoing and left claims against other parties, including Gemini, unresolved.

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Frequently asked questions

How large was the Genesis settlement with the NYAG?

Approximately $2 billion, announced on May 20, 2024, and characterised as the largest such settlement with a crypto company in New York State history.

What were the allegations?

The Attorney General's October 2023 lawsuit alleged Genesis concealed more than $1.1 billion in losses from investors in relation to the Gemini Earn programme.

What does the settlement provide for victims?

A victims' fund is to distribute $1.1 billion to about 29,000 affected New York residents, and Genesis is banned from operating in New York.