🔔🔔Good 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. 📉📉
Last October, Letitia James filed a lawsuit against DCG, its subsidiary Genesis and Gemini Trust, accusing them of misleading investors on the Gemini Earn project, resulting in more than $1 billion in losses. 💸💸
The settlement will prohibit Genesis from operating in New York and establish a victim fund, with beneficiaries including more than 29,000 New York residents who invested in Genesis through the Gemini Earn product. 👏👏
This is a strong protection of investor rights and a cleanup of the blockchain industry. Let us look forward to a healthier and fairer cryptocurrency market! 🚀🚀