After the New York Department of Financial Services accused the Genesis cryptocurrency platform of cybersecurity failures that made it vulnerable to criminal activity and hacking threats, Genesis has reached an $8 million settlement with the agency.
The failures included poor anti-money laundering programs, deficiencies around filing suspicious activity reports, and poor cybersecurity.
The NYDFS action is only one of Genesis’ many worries these days, as it undergoes bankruptcy proceedings and is facing various other legal woes.
