Letitia James Announces Payments for 29,000 New Yorkers

By Bo Beard | May 22, 2024

The settlement

New York Attorney General Letitia James announced a $2 billion agreement with cryptocurrency firms to aid investors, including almost 30,000 individuals from New York, in recovering losses related to suspected fraud by these companies. 

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The settlement pertained to Genesis Global Capital, Genesis Asia Pacific PTE, and Genesis Global Holdco, which were sued by James' office for allegedly concealing over a billion dollars in losses from investors. 

The lawsuit

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The lawsuit expanded earlier this year to accuse Digital Currency Group and Genesis, as well as their senior executives, of defrauding investors of $2 billion.