FTX, Genesis reach in-principle agreement to settle bankruptcy case
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Bankrupt crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case.
On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement.
However, the
Genesis filed for Chapter 11 bankruptcy protection in a New York bankruptcy court in January following the collapse of crypto hedge fund Three Arrows Capital.
The crypto lender is the largest unsecured creditor of FTX and its affiliates with $226 million owed, according to court filings.
In June, FTX debtors objected to Genesis’ estimation that it was entitled to claims totaling zero, however, these claims and objections appear to have been settled with this latest development.
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