New York AG announces $2 billion settlement with crypto lender Genesis
New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors.
The company, once a business at the heart of Digital Currency Group, was among the multiple casualties in the industry contagion set off by the collapse of FTX. The firm filed for Chapter 11 bankruptcy protection in January 2023.
“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice,” said James of the deal, which is the largest against a crypto firm in the state’s history.
“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,” James added.
In October, James sued DCG, its Genesis subsidiary, and Gemini Trust, claiming that the two misled investors about the Gemini Earn program, leading to more than $1 billion in losses. The lawsuit was broadened in February, alleging that DCG and Genesis defrauded additional investors out of more than $2 billion.
Despite a legal challenge brought by parent company DCG, a bankruptcy court approved the lender’s Chapter 11 repayment plan, which included the settlement between James’ office and Genesis.
Genesis neither admits nor denies allegations detailed in the lawsuit, and the arrangement notably excludes Gemini.
The settlement bars Genesis from operating in New York. The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.
The Securities and Exchange Commission also filed suit against Genesis and its one-time partner, Gemini, over the unregistered offering and sale of securities. The bankruptcy court has also approved a separate settlement that ends this complaint.
The restructuring plan includes a repayment plan for customers who have had tokens frozen on the platform since withdrawals were halted in November 2022.
This fund will receive assets remaining in Genesis’s estate after initial bankruptcy distributions to creditors are made. According to the state attorney’s office, if those creditors are not made whole based on present digital asset values, the fund will receive up to $2 billion from Genesis’ remaining assets.
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Podcast: new Tesla Model S/X, Robotaxi is sort of coming, Xiaomi breaks EV Nurburgring record, more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S and Model XX, Robotaxi is sort of coming, Xiaomi breaking the EV record at Nurburgring, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
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Chevy closes in on Tesla with the Equinox and Blazer EVs ‘right in the heart of the market’
Chevy is narrowing the gap with Tesla in the US, thanks to its new Equinox and Blazer EVs. After outselling Ford, Chevy is now the fastest-growing EV brand in the US.
Chevy EV registrations triple in April as Tesla slips
GM is outpacing rivals in the US with a full lineup of 13 all-electric vehicles. Its biggest star so far has been Chevy, with new EVs like Equinox and Blazer seeing strong demand.
In the first quarter, Chevy became the fastest-growing domestic EV brand, outpacing Ford. According to the latest registration data from S&P Global Mobility (via Automotive News), Chevy is not slowing down. It’s actually closing in on Tesla.
Although new EV registrations fell for the first time in over a year in April, Chevy more than tripled its share. Tesla remained the top-selling EV brand with 39,913 registrations, 16% fewer than in April 2024.
Chevy registered 9,160 EVs in April, more than triple (+215%) that of last year. Its share of the EV market rose to 9.4%, up from just 2.8% last April.
The Chevy Equinox EV was the third most popular model, behind Tesla’s Model Y and Model 3, with 5,424 registrations. Tesla Model Y registrations fell 42% to 18,978, while Cybertruck registrations slipped 23% to 1,680.
To be fair, Tesla already said earlier this year that the new Model Y changeover would impact production in the first quarter.
Chevy’s Blazer EV ranked sixth with 2,662 registrations in April. S&P Global Mobility analyst, Tom Libby, explained that “They have the Equinox and the Blazer right in the heart of the market and they’re really benefiting from that.”
| US EV Registrations April 2025 | % Change from April 2024 | |
| Tesla | 39,913 | -16% |
| Chevy | 9,160 | 215% |
| Ford | 5,534 | -33% |
| BMW | 4,812 | 8.7% |
| Hyundai | 4,796 | -25% |
| Cadillac | 3,829 | 104% |
| Nissan | 3,316 | 52% |
| Rivian | 3,109 | -30% |
| Mercedes-Benz | 2,392 | -19% |
| Acura | 2,315 | – |
The Chevy Equinox EV, or “America’s most affordable 315+ mile range EV,” starts at just $34,995. No wonder it’s selling like hotcakes.
Through May, Chevrolet has sold over 37,000 electric vehicles in the US, outpacing Ford, which has sold 34,000. We will learn more when GM reports second quarter sales on July 1.
With leases starting at just $289 per month, the 2025 Chevy Equinox EV is a pretty good deal right now. Chevy is also offering 0% APR for 60 months on all 2025 EV models. Ready to try one out for yourself? You can use our links below to find Chevy EV models in your area.
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