EddieJayonCrypto
2 Feb 24
Genesis, a failed crypto lender, has agreed to pay $21 million to settle a 2023 federal lawsuit alleging that the company sold unregistered securities. The settlement with the Securities and Exchange Commission (SEC) comes after the SEC filed a lawsuit against Genesis in January 2022, alleging that ...
Genesis, a failed crypto lender, has agreed to pay $21 million to settle a 2023 federal lawsuit alleging that the company sold unregistered securities. The settlement with the Securities and Exchange Commission (SEC) comes after the SEC filed a lawsuit against Genesis in January 2022, alleging that the company raised billions of dollars from hundreds of thousands of investors in an unregistered securities offering.
A Wednesday filing in the U.S. Bankruptcy Court in the Southern District of New York shows that Genesis will pay the cash to settle with the Securities and Exchange Commission (SEC). The settlement agreement provides that the SEC shall receive an allowed general unsecured claim against Genesis for the same amount. This comes after Genesis filed for bankruptcy following the collapse of FTX and exposure to Three Arrows Capital. Customers have been waiting for repayment since the bankruptcy, with Digital Currency Group (DCG) stating that creditors will be made whole.
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