Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01275
The settlement established a victims' fund for the 29,000 New York investors who had
SurvivesCase description
The New York Attorney General reached a $2 billion settlement with Genesis Global Capital in early 2024. The settlement established a victims' fund for the 29,000 New York investors who had deposited assets through the Gemini Earn programme and been frozen since November 2022. Genesis was also permanently banned from operating in New York. The NYAG settlement was the largest against a cryptocurrency company in New York state history and added a regulatory enforcement dimension to the creditor recovery, ensuring consumer protection claims were resolved alongside the bankruptcy distributions.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Survives |
| Documentation | Unknown |
| Year observed | 2024 |
| Country | United States |
Structural dependencies observed
Outcome interpretation
Access remained possible under the reported conditions.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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