Genesis agrees to $2 billion settlement 💰

After a week of meme-fueled chaos, Monday arrives with some good news for users affected by the crypto lender's bankruptcy.

Author

Andrew Hayward
May 20, 2024

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📝 What you need to know

Last week’s GameStop-led meme stock and meme coin frenzy appears to be toast, as GME bull trader Roaring Kitty has gone silent again and the share price isn’t far from where it sat before the chaos. So maybe we’ll have a more sober and sensible week. On the other hand, it’s crypto.

But the week has started off with some serious news that’s both seriously big and apparently seriously beneficial for users: Bankrupt crypto lender Genesis has agreed to a $2 billion settlement with the New York Attorney General’s office to repay users, following court approval.

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💬 Quote of the Day

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“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice.”

New York AG Letitia James on the Genesis settlement

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