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FTX and Genesis reach settlement in bankruptcy case

News
FTX and Genesis reach settlement in bankruptcy case

FTX and Genesis representatives informed the US court that they are ready to settle the bankruptcy case.

In a filing to Judge Lane of the United States Bankruptcy Court, FTX and Genesis lawyers state that they agreed on a potential settlement between the two parties in the ongoing bankruptcy case.

The letter provided no further details on the agreement. But if the case is settled, both FTX’s claims against Genesis debtors and the reverse petitions could be satisfied.

Currently, both FTX and Genesis are bankrupt. Their investors and clients are seeking to get their money back in various lawsuits worldwide.

FTX and Genesis relation

Genesis had become the biggest unsecured creditor of FTX and its connected entities, owing $226.3 million to FTX, as of January.

At the same time, FTX alleged that Genesis owed them over $4 billion, which they eventually lowered to $2 billion. More claims were made that Genesis execs received FTT tokens at a discounted price.

Following the November collapse of FTX, Genesis Global Capital, the company’s lending arm, temporarily suspended redemptions and new loans.

A representative said that this decision was taken due to the substantial market dislocation and lack of industry trust brought on by the FTX collapse. The firm filed for bankruptcy in January after suffering losses of several hundred million dollars due to the collapse of Three Arrows Capital.