FTX, the collapsed crypto exchange, has reached a settlement agreement with Genesis Global Capital, a crypto lending firm, in their ongoing bankruptcy case. Under the agreement, FTX will receive a $175 million claim against Genesis, while also withdrawing over $1 billion in counterclaims. This settlement aims to resolve disputes over loans made by Genesis to FTX affiliate Alameda Research. Genesis filed for Chapter 11 bankruptcy protection earlier this year after FTX’s failure led to mass customer withdrawals. The proposed order implementing the settlement still requires approval from Judge Sean H. Lane, with a hearing scheduled for October 18.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | None |
| Companies | FTX, U.S. Bankruptcy Court for the Southern District of New York, Chapter 11, Genesis Global Capital, Gemini Trust, Alameda Research |
| Currencies | None |
| Securities | None |
