Bankruptcy judge approves $175 Million settlement between FTX and Genesis Global Trading
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approximately $1.8 billion in purported loan repayments from Alameda to GGC, $1.6 billion in assets supposedly withdrawn by the Genesis...