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Cryptocurrency exchange FTX and credit company Genesis have reached a principle agreement to resolve a bankruptcy case.
No details of the agreement have been shared, but it is expected to resolve FTX’s claim against Genesis debtors.
FTX had previously claimed that Genesis, owned by the Digital Currency Group, owed them $4 billion.
In a recent development, FTX, a cryptocurrency exchange, and Genesis, a credit company, have come to a principle agreement to settle a bankruptcy case. The specifics of the agreement remain undisclosed. The agreement is anticipated to address FTX’s claims against Genesis’s debtors. FTX had previously alleged that Genesis, a subsidiary of the Digital Currency Group, was indebted to them to the tune of $4 billion.
FTX and Genesis Reach Agreement
FTX and Genesis have announced that they have come to an agreement to resolve their bankruptcy case. The agreement is in principle, with further details yet to be disclosed. Both companies, currently under bankruptcy, are striving to recover funds for their creditors under court supervision.
Expectations from the Agreement
The agreement is expected to resolve FTX’s claim against Genesis’s debtors. Motions related to allegations made by both companies against each other will be withdrawn. It was also noted that both companies are keen to implement the agreement swiftly. They have requested the court to postpone current applications, during which time efforts will be made to bring the agreement to its final stage.
FTX’s Claim Against Genesis
FTX had previously claimed that Genesis, which is owned by the Digital Currency Group, owed them $4 billion. However, the amount was reduced to $2 billion in a court filing earlier this month. Genesis had filed for Chapter 11 bankruptcy protection in January following the bankruptcy of Three Arrows Capital. According to court documents, the crypto lender is the largest unsecured creditor, with FTX and its affiliates owing $226 million.
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Conclusion
This principle agreement between FTX and Genesis is a significant development in their ongoing bankruptcy case. While the specifics of the agreement are yet to be disclosed, it is expected to resolve FTX’s claim against Genesis’s debtors, potentially paving the way for a swift resolution to the case.
