Bankrupt crypto companies FTX_Official and Genesis have come to an agreement to settle according to a letter sent to the bankruptcy judge.
Bankrupt crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case.
On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement.Both firms are bankrupt and have been trying to collect money for creditors while under court supervision. The settlement would resolve FTX's claims against Genesis debtors and vice versa. It would also withdraw pending motions related to those claims. Both parties intend to document and seek court approval of the settlement promptly, it stated.
“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.”
To allow time to finalize terms, they requested the court adjourn upcoming deadlines on current motions and due briefs.FTX has previously claimed that Genesis, which is owned by
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