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

ALBANY, N.Y. — 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.

“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice," James said in a statement Monday. “Once again, we see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry.”

"We look forward to putting the Plan into effect and making distributions as expeditiously as possible,” Genesis Interim CEO Derar Islim said in a statement on Friday. -- Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion.

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