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Following the court’s decision, Genesis debtors have gained authorization to execute the settlement agreement, which entails the payment of $175 million to FTX. At the same time, the New York Bankruptcy Judge Sean Lane has also removed several claims made by FTX debtors against Genesis. Claim withdrawals  As per the filed documents, the court has granted the withdrawal of numerous claims, including three from FTX Trading, six from Alameda Research, and six from West Realm Shires Services, which acts on behalf of FTX US. The approved settlement signifies a reduction from the initial claims made by FTX debtors, who initially asserted claims totalling approximately $3.9 billion back in May 2023.  You might also like: Genesis went bankrupt months after Gemini reportedly withdrew $282M in crypto These claims from FTX encompassed approximately $1.8 billion in purported loan repayments from Alameda to GGC, $1.6 billion in assets supposedly withdrawn by the Genesis...

According to a court filing released on Aug. 29, Digital Currency Group [ DCG ] has reached a preliminary agreement with Genesis creditors. This comes in light of the issues raised during Genesis ’ bankruptcy proceedings. It all started back in November, following the failure of FTX. Genesis ’ lending business suspended withdrawal services. This further affected customers of a lending product from the Gemini exchange, leading to Genesis seeking bankruptcy protection in January 2023. The latest agreement will provide the opportunity for unsecured creditors to potentially recoup between 70% and 90% of the owed amount in USD. Furthermore, there’s a possibility of re cover y ranging from 65% to 90% based on the specific digital asset denomination. However, these expected re cover y percentages are contingent on market pricing and the finalization of official documentation. Gensis’s parent firm, DCG , has to pay back the money it owes, which is around $630 millio...

Alt headlines – Gemini Cameron Winklevoss Bets Big with $1.47 Billion Final Bid for DCG Following extensive negotiations, Cameron Winklevoss , one of the co-founders of Gemini exchange, reached a point where he felt compelled to take action. Today, he resorted to Twitter to publicly disclose his “final offer” in the ongoing discussions concerning the restructuring of Genesis , a digital asset firm currently facing bankruptcy. Winklevoss’s communication indicated that Barry Silbert, the founder of Digital Currency Group [DCG], will have to pay up a significant debt of $1.46 billion. Failure to address this debt could result in potential legal ramifications. In an open letter, the Gemini co-founder emphasized that there is no room for further delays or negotiations. In a court filing submitted in Jan. 2023, Genesis disclosed a list of claims totaling over $3 billion owed to its top 50 creditors. Winklevoss stated that a significant portion of this am...