Genesis promoted a product called "Gemini Earn" which - depending on the interpretation of regulations at the time - may not have been a regulated product. Prudent interpretation would have said it was but the interpretation was not prudent.

The state of New York alleged fraud because those investing didn't know the products were unregualated, either through a failure to make an apt statement or because there were misrepresentations.

Aside from the regulatory position, Genesis made loans to that went bad: amongst them were Almeda (FTX) and Three Arrows (Singapore), the latter ordered into Liquidation by a court in the British Virgin Islands.

Genesis Earn made massive losses but continued to bring in more "investors" without disclosing the scale of the losses. When FTX crashed, the value of Genesis went with it, resulting in Genesis being part of the cascade of failures.

But Genesis, albeit as a shadow of its former self, is still extant and can still trade - but not in New York.

It's paying USD2,000 million that includes moneys to put into a fund to repay investors at least some of their losses. If the creditors are not "made whole" then Genesis will be required to pay a further USD2,000 million.

Seemingly, it has the money and its next challenge will be how to ensure that its services are not accessed by residents of New York.