{"id":138508,"date":"2023-09-02T03:40:02","date_gmt":"2023-09-01T22:10:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138508"},"modified":"2023-09-02T03:40:02","modified_gmt":"2023-09-01T22:10:02","slug":"bankrupt-crypto-entities-genesis-and-ftx-reach-agreement-on-175-million-claim-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bankrupt-crypto-entities-genesis-and-ftx-reach-agreement-on-175-million-claim-crypto-news\/","title":{"rendered":"Bankrupt Crypto Entities Genesis and FTX Reach Agreement on $175 Million Claim &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>FTX\u2019s sister trading firm, Alameda Research, will be allowed a general unsecured claim of $175 million against Genesis. The disgraced crypto exchange led by Sam Bankman-Fried previously sought to claw back $4 billion from DCG-owned lender Genesis which also filed for Chapter 11 bankruptcy.<\/p>\n<p>However, the latest court filing suggests that FTX and Genesis have reached an agreement, with the former having to settle for $3.825 billion less than originally demanded. The deal also entails waiving Genesis\u2019 corresponding claims against FTX.<\/p>\n<ul>\n<li>Genesis lawyers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/restructuring.ra.kroll.com\/genesis\/Home-DocketInfo\" data-wpel-link=\"external\">highlighted<\/a> that the settlement will greatly streamline the process of confirming the Chapter 11 reorganization plan without incurring the expenses associated with prolonged litigation.<\/li>\n<\/ul>\n<blockquote>\n<p>\u201cThe agreement will, among various outcomes, notably facilitate the approval process for the Genesis Debtors\u2019 chapter 11 reorganization plan (referred to as the \u201cGenesis Plan\u201d). Additionally, it will eliminate the potential drawbacks, costs, and unpredictability linked to extended legal disputes involving the FTX Debtors, Genesis Debtors, and GGCI.\u201d<\/p>\n<\/blockquote>\n<ul>\n<li>In a corresponding submission to the court, FTX\u2019s chief restructuring officer, John J. Ray III, maintained that the deal is \u201cfair\u201d and in the \u201cbest interest\u201d of all the parties engaged.<\/li>\n<li>The intention behind this <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DocketInfo\" data-wpel-link=\"external\">arrangement<\/a>, as stated by legal representatives, is to facilitate the orderly resolution of matters for both companies and the reimbursement of funds to customers.<\/li>\n<li>Meanwhile, the FTX 2.0 Coalition <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AFTXcreditor\/status\/1692092064027086890\" data-wpel-link=\"external\">expressed<\/a> its dissatisfaction, arguing that the agreement is notably unfavorable, especially given the ongoing Department of Justice (DOJ) investigation into DCG and Genesis.<\/li>\n<li>The group anticipates that the Unsecured Creditors\u2019 Committee (UCC) will raise objections to this settlement, citing that Genesis had been reimbursed by Alameda using substantial amounts from FTX customer funds in 2022.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FTX\u2019s sister trading firm, Alameda Research, will be allowed a general unsecured claim of $175 million against Genesis. The disgraced crypto exchange led by Sam Bankman-Fried previously sought to claw back $4 billion from DCG-owned lender Genesis which also filed for Chapter 11 bankruptcy. However, the latest court filing suggests that FTX and Genesis have [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":91279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138508"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138508\/revisions"}],"predecessor-version":[{"id":148053,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138508\/revisions\/148053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/91279"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}