Genesis Reaches $175 Million Bankruptcy Claims Agreement With FTX

08/17 12:55

According to a legal agreement submitted to the court on Wednesday, Alameda Research, a subsidiary of FTX, can claim $175 million from the estate of the bankrupt cryptocurrency company Genesis. The deal also abandons Genesis' parallel claim against FTX, reducing it significantly from the initial claim of nearly $4 billion. Lawyers hope that the bankruptcy filing by loan institution Genesis Global Capital in January will help these companies resolve their affairs and return funds to customers.

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