Sunday, 24 Nov 2024

New York reaches $2bn settlement with crypto lender Genesis over fraud claims

New York reaches $2bn settlement with crypto lender Genesis over fraud claims

New York reaches $2bn settlement with crypto lender Genesis over fraud claims
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Genesis, which filed for Chapter 11 bankruptcy in the US in January 2023, received court approval last week to return about $3bn in cash and cryptocurrency to its customers in a liquidation.

James first filed a lawsuit against Genesis last October, accusing it of having concealed losses from investors who provided digital assets through Gemini Earn. Under the settlement, the firm has neither admitted or denied the allegations.

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