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A settlement with a bankrupt cryptocurrency company establishes a fund for fraud victims
STATEWIDE – THOUSANDS OF NEW YORKERS WILL RECEIVE A REWARD from a $2 billion settlement won by State Attorney General Letitia James in a deal with bankrupt cryptocurrency firms Genesis Global Capital, LLC and subsidiaries Genesis Asia Pacific PTE, LTD and Genesis Global Holdco, LLC. The settlement, the largest in state history against a cryptocurrency company, required a bankruptcy court’s review and approval due to Genesis’ previous bankruptcy filing. The settlement bans Genesis from operating in New York and will establish a victims’ fund to help defrauded investors, including at least 29,000 New Yorkers who contributed more than $1.1 billion to Genesis through the Gemini Earn investment program . The Victims Fund established through this agreement between the Office of the Attorney General (OAG) and Genesis will receive distributions from assets remaining in Genesis’ estate after initial distributions to bankruptcy creditors.
If these creditors are not remedied based on current digital asset values, the Victims’ Fund will receive up to $2 billion from Genesis’ remaining assets and then make distributions to compensate Genesis’ creditors for the full and fair amount of their actual losses. until the Victims Fund is exhausted.
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Monday 20 May 202420 May 2024 | Clear, 71° F
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https://brooklyneagle.com/articles/2024/05/20/settlement-with-bankrupt-cryptocurrency-firm-establishes-fraud-victims-fund/