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Genesis

BREAKING: Genesis Halts Withdrawals And Settles $175M Claim With FTX

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to recent reports, cryptocurrency company Genesis has suspended customer withdrawals in its lending unit, adding to the already tumultuous landscape of the digital currency industry. 

This halt follows the company’s bankruptcy filing earlier this year, triggered by the Gemini exchange’s refusal to facilitate customer withdrawals. 

The situation has escalated, involving legal intervention and a settlement between Genesis and FTX, shedding light on the challenges faced by the company and the wider crypto ecosystem.

Related Reading: The Craziest Stories About FTX, SBF And Caroline Ellison: Unbelievable But True

Bankruptcy Judge Approves $175 Million Settlement Between Genesis and FTX

According to Scott Melker, author and host of a crypto podcast called “The Wolf Of All Streets”, a bankruptcy judge in New York has recently approved a $175 million settlement between Genesis Global Trading and FTX. 

This resolution allows Alameda Research, FTX’s trading arm, to receive the settlement amount from the bankrupt crypto lender. The settlement effectively addresses multiple claims made by FTX against Genesis, resulting in a substantial reduction from the initial claim amounts, which totaled approximately $3.9 billion.

While Genesis considers the settlement “fair and equitable,” some FTX creditors have expressed dissatisfaction and voiced their desire for a contested resolution, according to Melker. 

The approval of the settlement occurs amidst Genesis’s exposure to the collapse of FTX in 2022 and the ongoing trial of FTX founder Sam Bankman Fried. Bankman Fried faces numerous charges, including fraud and money laundering, further complicating the situation.

Overall, Genesis’s decision to suspend customer withdrawals, bankruptcy filing and subsequent settlement with FTX, underscores the challenges inherent in the cryptocurrency industry. 

The ongoing legal proceedings, including the trial of FTX founder Sam Bankman Fried, continue to add uncertainty and complexity to the situation.

Related Reading: Bitcoin Hashrate Continues Explosion, Difficulty Set To See Large Uptick

What is Certain is the fact that the outcome of the Genesis-FTX settlement and the resolution of the FTX trial will shape the future trajectory of the industry.

Genesis
The total crypto market cap continues its downtrend on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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