Crypto Lender Genesis Agrees to $2B Settlement with Investors
Tuesday, 21 May 2024, 09:40
Crypto Lender Genesis Settles for $2 Billion in Investor Payout
Genesis Agrees to $2B Settlement
Crypto lender Genesis has reached a groundbreaking $2 billion settlement to repay defrauded investors following its Chapter 11 bankruptcy filing in January 2023.
- The collapse of FTX triggered the bankruptcy.
- New York Attorney General Letitia James announced the settlement on Monday.
- The lawsuit alleged they misled investors about the Gemini Earn program.
Refunds to Start in May
- Investors will start receiving refunds as early as May.
- The court-approved repayment plan includes a multi-phase process.
- Dollar creditors will be refunded 100% of their value first.
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