STATEWIDE — THOUSANDS OF NEW YORKERS WILL GET RECOMPENSE from a settlement worth $2 billion that State Attorney General Letitia James secured in a settlement 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 review and approval by a bankruptcy court due to Genesis’ previous bankruptcy declaration. 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 settlement between the Office of the Attorney General (OAG) and Genesis will receive distributions from the assets remaining in Genesis’ estate after initial bankruptcy distributions to creditors.
If those creditors are not made whole based on current digital asset values, the Victims’ Fund will receive up to $2 billion from Genesis’ remaining assets, and will then make distributions to compensate Genesis’ creditors for the full and fair amounts of their actual losses until the Victims’ Fund is depleted.
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New York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.
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