In a recent development, Genesis Global, the bankrupt cryptocurrency lender, has settled a lawsuit filed by New York Attorney General Letitia James, as reported by Bloomberg.
The lawsuit alleged that Genesis defrauded customers of its now-terminated Gemini Earn program, which was jointly operated with the crypto exchange Gemini. The settlement, subject to approval by a bankruptcy judge, aims to return assets to former Earn customers and other creditors instead of state authorities.
Genesis Settles Lawsuit Over Gemini Earn Program
Under the settlement terms, Genesis will resolve the allegations without admitting liability. The parent company, Digital Currency Group (DCG), and Gemini are not included in this settlement, as it exclusively addresses the allegations against Genesis. As part of the agreement, the failed crypto lender has also agreed to cease conducting business in New York.
The lawsuit, initially filed by Attorney General James in October, accused Genesis, Digital Curren
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