New York Attorney General Letitia James has reached a $2 billion settlement with bankrupt cryptocurrency entities Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. Pending approval from the bankruptcy court, the settlement will establish a fund for victims, compensating over 29,000 New Yorkers who collectively invested more than $1.1 billion through the Gemini Earn program. This marks the largest settlement against a cryptocurrency firm in the state's history.

The lawsuit, initiated in October 2023, alleged that Genesis concealed losses amounting to $1.1 billion. Expanded in February 2024, it added more defendants and included an additional $2 billion in defrauded funds. The settlement prohibits Genesis from operating in New York and does not require the company to admit or deny the accusations. Legal proceedings against other defendants are ongoing.