Do You Trust Cryptocurrency?

Do You Trust Cryptocurrency?

Here’s The Scoop

In a groundbreaking move that exposes the underbelly of the cryptocurrency world, New York Attorney General Letitia James has announced an unprecedented $2 billion settlement with the bankrupt lender Genesis.

This agreement, which James describes as a “major step toward ensuring the victims who invested in Genesis have a semblance of justice,” underscores the catastrophic consequences of unchecked fraud and manipulation in the crypto market.

The settlement, awaiting bankruptcy court approval, is set to benefit hundreds of thousands of defrauded investors and creditors, including 29,000 New Yorkers.

“New York investors deserve the peace of mind that comes from a properly regulated marketplace,” James asserted, highlighting the state’s commitment to rigorous industry oversight.

Banning Genesis from operating in New York, the deal establishes a Victims’ Fund from the company’s remaining assets, aiming to fully reimburse those who were cheated. This massive fund, potentially reaching $2 billion, will start payouts after all bankruptcy-related payments are finalized, as per the current value of digital assets.

Attorney General James’ relentless campaign against predatory cryptocurrency practices has already secured over $2.5 billion from deceptive operations. This latest victory not only addresses immediate compensations but also expands the legal battle, targeting other key figures and entities within Genesis for hiding significant losses from investors.

As the left continues to promote the allure of digital currencies, this settlement serves as a stark reminder of the real-world consequences of a poorly regulated market. It’s time to ask: Do you trust cryptocurrency?

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