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 <p class="is-style-lead">In a Nov. 9 <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> filing, Genesis, the cryptocurrency trading lender heavily impacted by the collapse of Three Arrows Capital (3AC) and FTX last year, is now seeking out <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> for a <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> agreement.</p>
 <p>The agreement is said to give 3AC an allowed general unsecured claim of $33 million against Genesis instead of the $1 billion claim.</p>
 <h2 class="wp-block-heading" id="another-step">Another step</h2>
 <p>Genesis states that 3AC’s $1 billion claims were the largest in Chapter 11 cases associated with the FTX exchange, stressing that 3AC Debtor was one of the biggest borrowers from 2020 to 2022 when it collapsed.</p>
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 <p>Now, under the agreement, Genesis will have to waive all its assertions and rights to an undisclosed quantity of AVAX tokens from Avalanche and NEAR tokens from Near Protocol. In addition, the bankrupt entities will engage in a mutual release, absolving each other of any outstanding liabilities.</p>
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 <p>The&nbsp;document&nbsp;also states that the mentioned Claim Numbers for FTX Trading Ltd., Alameda Research LLC and Ltd. and West Realm Shires Inc and Services Inc. will no longer be considered valid or recognized in the legal proceedings.</p>
 <h2 class="wp-block-heading" id="an-upcoming-hearing">An upcoming hearing</h2>
 <p>On Jan. 20, the debtors submitted a joint Chapter 11 Bankruptcy plan. Subsequently, on Nov. 7, debtors filed an amended joint Chapter 11 plan and the corresponding disclosure statement.&nbsp;</p>
 <p>The bankruptcy <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> has now set a hearing to assess the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of the disclosure statement on Nov. 13.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-seeks-court-approval-for-3ac-settlement-tbt69880.html">https://thebittimes.com/genesis-seeks-court-approval-for-3ac-settlement-tbt69880.html</a></p>

Genesis seeks court approval for 3AC settlement

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