New York Attorney General Letitia James reached a $2 billion settlement with Digital Currency Group subsidiary Genesis. This agreement aims to repay the cryptocurrency lender's creditors and points to the "real world consequences" of the lack of oversight over the digital assets and cryptocurrency landscape. Genesis was one of the largest cryptocurrency lenders and partnered with Gemini Exchange for an returns product called Gemini Earn. However, in 2022, Genesis went bankrupt following the collapse of Do Kwon's Terraform blockchain ecosystem and the collapse of Sam Bankman-Fried's FTX empire. This led to a public dispute with former business partner Gemini, accusing Genesis of defrauding hundreds of thousands of Gemini Investors. The agreement prohibits Genesis from doing business within New York City. Genesis neither denied nor admitted to the allegations of fraud and investor manipulation made by AG James and the State of New York.