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<p class="is-style-lead">FTX and Genesis representatives informed the US court that they are ready to settle the bankruptcy case.</p> 
<p class="is-style-default">In a filing to Judge Lane of the United States Bankruptcy Court, FTX and Genesis lawyers state that they agreed on a potential settlement between the two parties in the ongoing bankruptcy case.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/Geminiearn?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Geminiearn</a> <a href="https://twitter.com/Gemini?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Gemini</a> <br>Genesis Debtor just submitted this letter to the court indicating agreement with FTX. Lift Stay Motion and Estimation will be mooted. Waiting for the "Settlement" to see what the numbers are. <a href="https://t.co/hvRK8lX6X6" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/hvRK8lX6X6</a></p>— CryptoEquality (@crypto_equality) <a href="https://twitter.com/crypto_equality/status/1684728879162740736?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 28, 2023</a> 
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<p>The <a href="https://restructuring.ra.kroll.com/genesis/Home-DownloadPDF?id1=MjEyNDc4Nw==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow">letter</a> provided no further details on the agreement. But if the case is settled, both FTX’s claims against Genesis debtors and the reverse petitions could be satisfied.</p> 
<p>Currently, both FTX and Genesis are bankrupt. Their investors and clients are seeking to get their money back in various lawsuits worldwide.</p> 
<p> You might also like: <a href="https://crypto.news/175-million-of-genesis-locked-in-ftx/" rel="noopener noreferrer nofollow"> $175 million of Genesis locked in FTX &nbsp; </a> </p> 
<h2 class="wp-block-heading" id="ftx-and-genesis-relation">FTX and Genesis relation</h2> 
<p>Genesis had become the biggest unsecured creditor of FTX and its connected entities, owing $226.3 million to FTX, as of January.</p> 
<p>At the same time, FTX alleged that Genesis owed them over $4 billion, which they eventually lowered to $2 billion. <a href="https://crypto.news/genesis-execs-receive-discounted-ftx-tokens-before-public-launch/" target="_blank" rel="noopener noreferrer nofollow">More claims</a> were made that Genesis execs received FTT tokens at a discounted price.</p> 
<p> You might also like: <a href="https://crypto.news/ftx-seeks-to-recover-nearly-4b-in-bankruptcy-case/" rel="noopener noreferrer nofollow"> FTX seeks to recover nearly $4b in bankruptcy case </a> </p> 
<p>Following the November <a href="https://crypto.news/ftx-files-for-bankruptcy-protection-ceo-sam-bankman-fried-steps-down/" rel="noopener noreferrer nofollow">collapse of FTX</a>, Genesis Global Capital, the company’s lending arm, temporarily suspended redemptions and new loans.</p> 
<p>A representative said that this decision was taken due to the substantial market dislocation and lack of industry trust brought on by the FTX collapse. The firm filed for bankruptcy in January after suffering losses of several hundred million dollars due to the collapse of Three Arrows Capital.</p> 
<p> Read more: <a href="https://crypto.news/dcg-records-over-1b-loss-in-2022-amid-crypto-collapses/" rel="noopener noreferrer nofollow"> DCG records over $1b loss in 2022 amid crypto collapses </a> </p>

FTX and Genesis reach settlement in bankruptcy case

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