Bankrupt Crypto Lender Genesis Agrees to $2 Billion Settlement to Repay Users
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The New York Attorney General’s office announced Monday that it has secured a $2 billion settlement with Genesis, the crypto lender owned by the Digital Currency Group (DCG), to repay users affected by its January 2023 bankruptcy filing.
The plan was approved late Friday, and will apparently reimburse users for approximately 77% of the crypto funds they had provided the firm in exchange for yield, according to the Wall Street Journal.
“When investors suffer losses because of fraud and manipulation, they deserve to be made whole,” said New York Attorney General Letitia James. “This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice.”
Editor’s note: This story is breaking and will be updated with additional details.
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