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<ul><li>Bankrupt crypto firms FTX and Genesis have agreed to settle disputes pertaining to their bankruptcy cases.</li><li>Lawyers for both parties have written to a bankruptcy judge to inform him about the in-principle agreement.</li><li>The settlement deal is subject to approval from the relevant bankruptcy courts.</li></ul>Defunct crypto firms FTX and Genesis reached an in-principle agreement to settle the disputes in their ongoing Chapter 11 bankruptcy proceedings. The settlement indication came more than two months after bankrupt crypto exchange FTX <a href="https://www.forbes.com/sites/digital-assets/2023/05/06/genesis-has-a-few-defenses-against-39-billion-claim-from-ftx/" rel="noopener noreferrer nofollow">filed</a> documents in New York’s bankruptcy court in a bid to extract nearly $4 billion from Genesis Global Capital.Lawyers representing the bankrupt crypto firms recently wrote to Judge Sean Lane of the U.S. Bankruptcy Court for the Southern District of New York to inform him of the in-principle agreement. The <a href="https://restructuring.ra.kroll.com/genesis/Home-DownloadPDF?id1&#61;MjEyNDc4Nw&#61;&#61;&amp;id2&#61;-1" rel="noopener noreferrer nofollow">letter</a> did not provide details about the terms of the settlement but stated that both parties sought to resolve the claims made by each other and withdraw any pending motions against each other.The letter to bankruptcy Judge Sean Lane read:“The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases.”Read full article at <a href="https://cryptotale.org/ftx-and-genesis-reach-in-principle-agreement-to-settle-bankruptcy-disputes/" rel="noopener noreferrer nofollow">CryptoTale.</a>

FTX And Genesis Reach In Principle Agreement To Settle Bankruptcy Disputes

CryptoTale

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