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Market
Impact of Genesis settlement on cryptocurrency market stability by end of 2024
2
Resolution / Starting Odds
Positive impact, market stabilizes • 25%
Neutral impact, no significant change • 25%
Negative impact, increased volatility • 25%
Negative impact, further declines in trust and investment • 25%
Cryptocurrency market analysis reports, financial news
Story
NY Attorney General Secures $2 Billion Settlement with Bankrupt Genesis Global Capital, a Digital Currency Group Subsidiary
May 20, 2024, 04:00 PM
New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency lender Genesis Global Capital, a subsidiary of Digital Currency Group. The settlement, approved by a bankruptcy judge, addresses allegations that Genesis misled investors about its Gemini Earn program, resulting in over $1 billion in losses. As part of the agreement, Genesis is banned from operating in New York and will repay the defrauded investors. This decision comes after extensive negotiations and aims to provide restitution to hundreds of thousands of investors across the U.S.
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