CryptoMediaClub
Friday, August 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

New York Attorney General Secures $2B Settlement From Failed Crypto Lender Genesis for Victims

21.05.2024
A A
0
128
VIEWS
ShareShare

New York Attorney General announced it has secured $2 billion from the bankrupt cryptocurrency firm Genesis Global to help pay back defrauded victims.

In an announcement, the New York Attorney General said the settlement would be used to form a “victim’s fund” to help defrauded investors. This will include payouts to at least 29,000 New Yorkers, who contributed more than $1.1 billion to Genesis through the Gemini Earn investment program. Genesis has also been banned from ever operating in New York.

Biggest Settlement Against a Crypto Firm in New York

The $2 billion settlement is the largest against a crypto firm in New York state history. Triggered by this the New York Attorney General said it plans to increase oversight and regulation of the digital assets industry which has secured more than $2.5 billion from predatory crypto platforms to date.

“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice,” said Attorney General of New York, Letitia James.

“Once again, we see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry. New York investors deserve the peace of mind that comes from a properly regulated marketplace, and that is something my office will always act to achieve,” added Attorney General James.

Attorney General James is urging New Yorkers affected by deceptive conduct in the crypto space to report these issues and those who have witnessed misconduct or fraud to file an online whistleblower complaint.

DCG’s Court Challenge Dismissed

In February, Digital Currency Group (DCG) opposed the bankruptcy plans of its subsidiary Genesis, arguing that it goes against the law and favours a small group of creditors. In a court filing, the company asked the court not to approve the Revised Plan submitted by Genesis for multiple reasons, including violating the Bankruptcy Code as the lengthy process drags on.

In May, Judge Lane dismissed DCG’s legal challenge, stating that Genesis’ parent company lacked the authority to contest the Chapter 11 plan. As an equity holder of Genesis, DCG stands last in line for repayment, according to Judge Lane. The judge noted that creditors are prioritized ahead of DCG and are not receiving full repayment.

In February, Genesis received approval to sell its Grayscale Bitcoin Trust (GBTC) shares valued at more than $1.3b, as part of efforts to repay customers.

The post New York Attorney General Secures $2B Settlement From Failed Crypto Lender Genesis for Victims appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

Tourists in South Korea to Exchange USDT via Crypto ATMs
All news

Tourists in South Korea to Exchange USDT via Crypto ATMs

01.08.2025
0

Visitors to popular tourist spots in South Korea will be able to exchange the stablecoin USDT for fiat through DaWinKS...

Read moreDetails
BNB Holders Can Now Earn Daily Passive Income Through the Officially Launched BNB Payment Integration by Find Mining

BNB Holders Can Now Earn Daily Passive Income Through the Officially Launched BNB Payment Integration by Find Mining

01.08.2025
23% of CFOs in North America Ready to Implement Crypto

23% of CFOs in North America Ready to Implement Crypto

01.08.2025
Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files 

Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files 

01.08.2025
Trump Tariffs Return — What Does It Mean for Bitcoin, Ether, XRP, Crypto?

Trump Tariffs Return — What Does It Mean for Bitcoin, Ether, XRP, Crypto?

01.08.2025
Load More
Next Post
Bitcoin Price Prediction as BTC Blasts Toward All-Time High – Are Whales Buying Again?

Bitcoin Price Prediction as BTC Blasts Toward All-Time High – Are Whales Buying Again?

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Solana And Cardano Prices Slide But Launchpad XYZ Raises $1 Million

2 years ago
India Reconsiders Crypto Coverage Amid International Adoption Shifts: Report

India Reconsiders Crypto Coverage Amid International Adoption Shifts: Report

6 months ago
XRP Price Prediction: Canada Approves First Spot XRP ETF – $1,000 XRP Coming?

XRP Price Prediction: Canada Approves First Spot XRP ETF – $1,000 XRP Coming?

1 month ago
Bitcoin signals potential range expansion— Will SOL, LDO, ICP and VET follow?

Bitcoin signals potential range expansion— Will SOL, LDO, ICP and VET follow?

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

23% of CFOs in North America Ready to Implement Crypto

Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files 

Altcoins lead crash as $751M liquidated in last 24 hours and Bitcoin falls to July low

Trump Tariffs Return — What Does It Mean for Bitcoin, Ether, XRP, Crypto?

Senator Warren Presses US Banking Regulator Over Trump Family’s Crypto Business Links

Ex-OpenSea Employee Cleared in First NFT Insider Trading Appeal — Here’s What Changed

Trending

Tourists in South Korea to Exchange USDT via Crypto ATMs
All news

Tourists in South Korea to Exchange USDT via Crypto ATMs

01.08.2025
0

Visitors to popular tourist spots in South Korea will be able to exchange the stablecoin USDT for...

BNB Holders Can Now Earn Daily Passive Income Through the Officially Launched BNB Payment Integration by Find Mining

BNB Holders Can Now Earn Daily Passive Income Through the Officially Launched BNB Payment Integration by Find Mining

01.08.2025
BlackRock’s BUIDL fund hit by $447M outflow after 18-month record breaking $2.8B inflow

BlackRock’s BUIDL fund hit by $447M outflow after 18-month record breaking $2.8B inflow

01.08.2025
23% of CFOs in North America Ready to Implement Crypto

23% of CFOs in North America Ready to Implement Crypto

01.08.2025
Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files 

Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files 

01.08.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz