Cryptocurrency lending company Genesis Global LLC has reached a settlement with US regulators regarding the lawsuit against the company.
Genesis, which is affiliated with Digital Currency Group, filed a lawsuit with the US Securities and Exchange Commission (SEC) to end the case. Agreed to pay 21 million dollars.
Court documents state that before the company can make this payment, repay customers and other creditors It will be necessary.
In the lawsuit filed against Genesis, the company claimed the money collected from customers within the scope of the Gemini Earn program. abused It was claimed.
This program, carried out together with Gemini Trust, allowed customers to earn interest on the cryptocurrencies they deposited.
Genesis filed for bankruptcy in January 2023. The settlement reached with the SEC must also be approved by the court.