Letitia James, the Attorney General for the State of New York, announced that her office had secured a $2 billion settlement with cryptocurrency firm Genesis to compensate defrauded investors.

In a May 20 notice, the New York AG said a bankruptcy court had approved the $2 billion settlement between authorities and Genesis Global Capital, Genesis Asia Pacific and Genesis Global Holdco. The settlement requires the funds to be returned to Genesis investors and bans the company from operating in New York.

James claimed Genesis had been “lying and cheating investors” who sent more than $1.1 billion to the platform through the Gemini Earn program. Cointelegraph reached out to Genesis but did not receive a response at the time of publication.

This is a developing story, and further information will be added as it becomes available.