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New York Attorney General Letitia James has reached a $2 billion settlement with Genesis, a subsidiary of Digital Currency Group. 📉 The agreement aims to compensate creditors and demonstrates the “real consequences” of a lack of control over digital assets and the cryptocurrency space. Genesis, backed by Digital Currency Group, was one of the largest cryptocurrency lenders. In 2022, the company faced bankruptcy after the collapse of the Terraform blockchain ecosystem and the collapse of the FTX empire. After the conflict, James filed a lawsuit against DCG, Genesis and Gemini for $1 billion, accusing them of defrauding investors. The terms of the agreement do not include Gemini and were approved by the bankruptcy court. Genesis is also prohibited from doing business in New York.

New York Attorney General Letitia James has reached a $2 billion settlement with Genesis, a subsidiary of Digital Currency Group. 📉
The agreement aims to compensate creditors and demonstrates the “real consequences” of a lack of control over digital assets and the cryptocurrency space.
Genesis, backed by Digital Currency Group, was one of the largest cryptocurrency lenders. In 2022, the company faced bankruptcy after the collapse of the Terraform blockchain ecosystem and the collapse of the FTX empire.
After the conflict, James filed a lawsuit against DCG, Genesis and Gemini for $1 billion, accusing them of defrauding investors.
The terms of the agreement do not include Gemini and were approved by the bankruptcy court. Genesis is also prohibited from doing business in New York.

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