{"id":82320,"date":"2023-07-28T13:55:47","date_gmt":"2023-07-28T10:55:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82320"},"modified":"2025-09-12T04:17:33","modified_gmt":"2025-09-12T01:17:33","slug":"ftx-and-genesis-reach-in-principle-agreement-to-settle-bankruptcy-claims","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-and-genesis-reach-in-principle-agreement-to-settle-bankruptcy-claims\/","title":{"rendered":"FTX and Genesis reach in-principle agreement to settle bankruptcy claims"},"content":{"rendered":"<p>FTX and the crypto-lending platform Genesis <a href=\\\"https:\/\/restructuring.ra.kroll.com\/genesis\/Home-DownloadPDF?id1=MjEyNDc4Nw==&#038;id2=-1\\\">reached<\/a> an in-principle agreement to settle the claims brought against the crypto exchange in its bankruptcy case.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Legal counsel for the parties filed a notice with the judge presiding over the proceedings. It contained no details. Both sides intend to obtain court approval of the document.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The settlement could resolve FTX&#8217;s claims against Genesis&#8217; debtors, and vice versa. Approval of the agreements would lead to the withdrawal of the motions currently under consideration.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In May 2023, FTX&#8217;s lawyers filed a lawsuit against the bankrupt crypto-lending platform Genesis seeking to <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-seeks-4-billion-from-bankrupt-genesis\">return $3.9 billion<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to court documents, the lending platform is among the exchange&#8217;s largest unsecured creditors along with its affiliates, with a debt of $226 million.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In June, the FTX debtors challenged the latest valuation, arguing that the firm was not owed anything. According to<a href=\\\"https:\/\/cointelegraph.com\/news\/ftx-genesis-reach-in-principle-agreement-to-settle-bankruptcy-case\\\"> Cointelegraph<\/a>, such claims and objections apparently were settled under the terms of the global settlement.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In June, the current management team of FTX said it had returned liquid assets <a href=\"https:\/\/u1f987.com\/en\/news\/new-ftx-leadership-has-returned-7-billion-in-liquid-assets\">amounting to about $7 billion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX and the crypto-lending platform Genesis have reached an in-principle agreement to settle the claims brought against the crypto exchange in its bankruptcy case.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236,1380],"class_list":["post-82320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82320"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82320\/revisions"}],"predecessor-version":[{"id":82321,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82320\/revisions\/82321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}