The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put their settlement into motion.
FTX, Genesis Engage in Crypto Bankruptcy Settlement
The saga, rooted in the insolvency of FTX Trading, began when the company claimed that Genesis, a crypto lending platform, owed them a sum of nearly $2 billion. This claim could have considerably slowed down Genesis’ court procedures. Now, with the letter to the presiding judge dated July 27, 2023, the path to settlement seems more tangible, promising to bring an end to the bankruptcy bickering.
The missive to the court represents a significant step in resolving the issue between the disputing parties. FTX Trading Ltd., and its associated debtor
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