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FTX

FTX And Genesis Make $175 Million Settlement With Alameda

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in FTX
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Thursday, FTX and Genesis announced a settlement agreement worth $175 million, effectively resolving a $4 billion claim. The deal, which awaits final documentation, aims to facilitate the confirmation of Genesis’ bankruptcy plan and bring stability to the ongoing Chapter 11 proceedings.

In response to Genesis’ earlier communication on July 27, FTX’s legal team issued a letter stating that the parties had reached an agreement in principle. 

The proposed settlement would not only address the claims asserted by FTX against the Debtors in the Chapter 11 Cases but also settle the claims asserted by the Genesis Debtors against the FTX Debtors in the Chapter 11 Cases.

The settlement, subject to court approval, would render moot the pending motions to modify the automatic stay and to establish procedures for estimating the amount of the FTX Debtors’ claims. The parties intend to promptly document the settlement and file a motion for approval.

FTX 2.0 Coalition Expresses Discontent Over Reduced Settlement

While the settlement represents a significant step towards resolving the claims, concerns have been raised by the FTX 2.0 coalition. 

They highlight the reduction of the initial $3.9 billion claim to $2 billion and express discontent, especially in light of the ongoing Department of Justice investigation involving Digital Currency Group (DCG) and Genesis.

Related Reading: North Korean Cyber Onslaught: Crypto Thefts Reach $180 Million In the First Half Of 2023

According to the Debtors, Genesis’ claims currently “outweigh” those of FTX, in part due to “inflated” lender balances resulting from interest earned on lending activities, including to Alameda. 

In addition, Genesis was allegedly previously reimbursed with billions of FTX customer funds in 2022, with coins held by Genesis potentially traceable to FTX customer deposits, the Coalition alleged:

FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer claim and (near worthless) Alameda claims. Down from the first $3.9 billion to $2 billion asserted, this must be the worst deal to date, especially in light of the new DCG <> Genesis DOJ investigation. 

Given these developments, the UCC (Official Committee of Unsecured Creditors) is expected to object to the settlement. 

However, Genesis Capital has issued a letter to the court, asserting that the settlement agreement is the outcome of extensive negotiations and has been approved by the Special Committee of the Board of Directors of Genesis Global. 

They believe that the settlement is in the best interests of the Genesis Debtors’ estates and their creditors, stating that the settlement will serve as a significant step forward by eliminating the need for protracted litigation and its associated costs.

On the other hand, FTX CEO John J. Ray III agreed with the fairness of the deal. He stated that the settlement is in the best interest of the firm, considering the legal concerns surrounding the claims made by both parties.

Related Reading: Crypto Analytics Firm Has Eyes On This Wild Memecoin After Exploding 16,000%

The final approval of the settlement will determine the resolution of the long-standing dispute between FTX and Genesis, providing clarity and direction for the ongoing bankruptcy proceedings.

FTX
FTT’s prolonged downtrend on the daily chart. Source: FTTUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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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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