New York's attorney general secured a $2bn settlement with Genesis Global over defrauding thousands of investors. Genesis, in bankruptcy, will return $3bn to customers. Lack of oversight in cryptocurrency industry leads to detrimental losses and consequences.
Victims fund established to help defrauded investors, including 29,000 New Yorkers, who contributed over $1.1bn through Gemini Earn. Largest settlement NY reached with a crypto company. Lawsuit alleged Genesis concealed losses from investors.
James emphasized the need for justice for investors who suffer losses due to fraud, manipulation, stating they deserve to be made whole. Settlement marks progress in providing justice for Genesis investors. Genesis did not admit or deny allegations.
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