Genesis had a role in enabling the FTX Group’s reckless actions as per FTX’s attorneys.
Genesis Global Capital lent more than $8 billion to FTX Debtor Alameda Research in 2021.
According to court records filed on May 3rd. FTX under John Ray III is trying to recover cash from insolvent platform Genesis by way of repaid loans, withdrawn liquidity, and collateral. There is more than $3.88 billion at stake for all Genesis-related organizations combined.
FTX’s attorneys stated in court filings submitted on May 3. That Genesis had a role in enabling the FTX Group’s reckless actions. The insolvent exchange’s legal team also tries to justify its request by saying that, in contrast to the other FTX creditors, Genesis was substantially reimbursed.
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Genesis was a major source of funding for FTX, helping to sustain the company’s fraudulent operations. Moreover, Genesis Global Capital (GGC) lent more than $8 billion to FTX Debtor Alameda Research Ltd
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