According to CNBC, New York Attorney General Letitia James announced a $2 billion settlement with the crypto lending platform Genesis to repay defrauded investors.
Genesis, once the core business of Digital Currency Group (DCG), was one of many victims in the industry contagion triggered by the FTX collapse. The company filed for Chapter 11 bankruptcy protection in January 2023. Letitia James sued DCG, its Genesis subsidiary, and Gemini Trust in October, claiming that they misled investors about the Gemini Earn program, resulting in more than $1 billion in losses.
