Bankruptcy judge approves Genesis Global plan to refund $3 billion to creditors, crypto customers

Associated Press

ALBANY, N.Y. (AP) — A bankruptcy court judge has approved a plan by the cryptocurrency lender Genesis Global to return about $3 billion to its creditors and investors, including thousands of people who New York regulators say were defrauded by the company. The plan and settlement was approved Friday by Judge Sean H. Lane. It includes up to $2 billion to settle a lawsuit by New York Attorney General Letitia James, who said the company misled investors about the risks of putting their money into a company program known as Gemini Earn. Genesis Interim CEO Derar Islim said Friday that the company looked forward to “making distributions as expeditiously as possible.”