Cryptocurrency company Genesis has suspended customer withdrawals in its lending unit, adding to the challenges faced by the digital currency industry. This comes after the company filed for bankruptcy earlier this year due to the Gemini exchange’s refusal to facilitate customer withdrawals. The situation has escalated, leading to legal intervention and a settlement between Genesis and FTX. A bankruptcy judge in New York has approved a $175 million settlement between Genesis and FTX, allowing FTX’s trading arm, Alameda Research, to receive the settlement amount. While Genesis considers the settlement fair, some FTX creditors are dissatisfied and desire a contested resolution. The approval of the settlement comes amidst Genesis’s exposure to the collapse of FTX in 2022 and the ongoing trial of FTX founder Sam Bankman Fried, who faces charges including fraud and money laundering. The outcome of the Genesis-FTX settlement and the resolution of the FTX trial will shape the future trajectory of the cryptocurrency industry.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Scott Melker, Sam Bankman Fried
Companies	New York bankruptcy judge, FTX, Alameda Research, Gemini exchange, Genesis, Scott Melker
Currencies	None
Securities	None