
Almost 30,000 New Yorkers Who Were ‘Victims’ Will Get Paid
Certain New York residents who were 'victims', will get paid thanks to a new settlement. A victims fund will be established to help those people who lost money.
New York Attorney General Letitia James worked to secure a settlement for New Yorkers who were defrauded by cryptocurrency firms Genesis Global Capital, LLC, Genesis Asia Pacific PTE, LTD., and Genesis Global Holdco, LLC. The $2 billion settlement will be used to create a victims fund to help defrauded investors. The victims include at least 29,000 New York residents. It is the largest settlement against a cryptocurrency company in state history. Attorney General James said,
“When investors suffer losses because of fraud and manipulation, they deserve to be made whole. This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice. 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.”
Attorney General James had to get bankruptcy court approval for the settlement. She claims that Genesis defrauded its investors. In October of 2023, Attorney General James filed a lawsuit against Genesis and other defendants claiming that the companies concealed more than $1.1 billion in losses from investors in an investment program called “Gemini Earn.” Genesis neither admits nor denies any wrongdoing.
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