The post Genesis Reaches $175 Million Settlement with FTX appeared first on Coinpedia Fintech News
Cryptocurrency lender Genesis Global Capital has reached a settlement deal with the bankrupt exchange FTX, agreeing to pay $175 million to resolve outstanding claims between the two entities.
Genesis will pay the funds to Alameda Research, the trading firm co-founded by FTX founder Sam Bankman-Fried. In return, FTX will drop its nearly $4 billion claim against Genesis tied to loans between the two companies.
Both Genesis and FTX filed for bankruptcy in 2022 amidst the massive fallout from FTX’s collapse. The tangled financial relationship between the firms led each to assert claims against the other in bankruptcy court.
Genesis will waive any remaining claims of its own against FTX
Under the new settlement, Genesis will waive any remaining claims of its own against FTX. This is intended to smooth the path for Genesis to confirm its restructuring plan and emerge from bankruptcy.
“The s
We współpracy z: https://coinpedia.org/news/genesis-reaches-175-million-settlement-with-ftx/
