Crypto Lender Genesis Settles Lawsuit for $2 Billion

New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors.

The company, once a business at the heart of Digital Currency Group, was among the multiple casualties in the industry contagion set off by the collapse of FTX. The firm filed for Chapter 11 bankruptcy protection in January 2023.

“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice,” said James of the deal, which is the largest against a crypto firm in the state’s history.

Read more at CNBC