[Breaking News] The New York Attorney General's Office has reached a $2 billion settlement with the crypto asset lending platform Genesis Global Capital, setting a record for the largest settlement amount against a crypto asset company in New York State. The settlement will establish a victim fund to compensate investors who lost money through the Genesis platform. It is understood that Genesis and its affiliates were accused of concealing the $1.1 billion loss of "Gemini Earn".

The collapse of Genesis is related to the high-profile collapse of the crypto asset exchange FTX and its sister trading company Alameda Research at the end of 2022. Genesis reportedly lent millions of dollars in unsecured loans to Alameda before bankruptcy and lent $2.4 billion to the defunct crypto asset hedge fund Three Arrows Capital.

Attorney General James said that this historic settlement is an important step to ensure that victims who invested in Genesis are treated fairly. He also promised to continue to strengthen supervision and regulation of the crypto asset field to prevent similar fraud.

This news once again shows us how important regulation of the crypto asset industry is. What do you think about this? Welcome to share your views in the comment area! 😊