Odaily Planet Daily News: New York Attorney General Letitia James announced a $2 billion settlement with cryptocurrency lender Genesis to compensate for the losses of defrauded investors. Genesis was once one of the core businesses of Digital Currency Group (DCG). Due to the industry chain reaction caused by the collapse of FTX, it filed for Chapter 11 bankruptcy protection in January 2023. Letitia James filed a lawsuit against DCG, its subsidiary Genesis and Gemini Trust in October last year, accusing them of misleading investors on the Gemini Earn project, resulting in more than $1 billion in losses. It is reported that the settlement agreement will prohibit Genesis from operating in New York and set up a victim fund, the beneficiaries of which include more than 29,000 New York residents who invested in Genesis through the Gemini Earn product. (CNBC)
