{"id":545005,"date":"2023-07-29T20:00:01","date_gmt":"2023-07-29T20:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=545005"},"modified":"2024-06-11T08:07:32","modified_gmt":"2024-06-11T08:07:32","slug":"ftx-2-billion-lawsuit-against-genesis","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-2-billion-lawsuit-against-genesis\/","title":{"rendered":"Court Filing Suggests FTX\u2019s $2 Billion Lawsuit Against Genesis Is Coming To An End"},"content":{"rendered":"

The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court <\/span>filing<\/span><\/a> reveals. According to the letter filed yesterday at the US bankruptcy court for the Southern District of New York, both firms – who happened to have filed for bankruptcy – have agreed to settle their ongoing billion-dollar dispute.\u00a0<\/span><\/p>\n

How The Feud Began<\/h2>\n

FTX <\/span>filed a motion<\/span><\/a> in May this year to recover its funds from Genesis and \u201cnon-debtor affiliates\u201d so the company could pay back its creditors. The <\/span>motion<\/span><\/a> went as far as describing Genesis (who attributed its solvency issues to FTX\u2019s collapse) as \u201cone of the main feeder funds and instrumental to its [FTX and Sister company Alameda Research] fraudulent business model.\u201d<\/span><\/p>\n

Related Reading: Shiba Inu Reclaims 14th Spot In Market After 5% Jump<\/a><\/div>\n

FTX further claimed that Genesis received \u201cavoidable transfers\u201d from FTX\u2019s debtors totaling almost $3.9 billion. In response, Genesis denied owing FTX and <\/span>filed<\/span><\/a> a motion asking the bankruptcy judge to rule its debt to FTX as zero. However, a subsequent letter from FTX to the bankruptcy judge showed that the company had reduced its claim from $3.9 billion to $2 billion.<\/span><\/p>\n

\"FTX<\/p>\n

FTT token trades at $1.3 amid exchange's woes | Source: FTTUSD on Tradingview.com<\/a><\/pre>\n
FTX\u2019s claim could have delayed a creditor payout and slowed Genesis\u2019 bankruptcy proceedings. However, with settlement in sight, things are likely to move along quickly, as according to the letter, FTX, its associated debtors, and debtors in its Chapter 11 bankruptcy case have reached a preliminary agreement.<\/span><\/p>\n
The court filing reads:<\/span><\/p>\n
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.<\/span><\/p><\/blockquote>\n
Genesis Still Not In The Clear<\/h2>\n
Despite reaching a settlement with FTX, crypto lending platform Genesis still has other lawsuits to deal with, including one filed by <\/span>Gemini against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert<\/span><\/a>. Gemini\u2019s co-founder Cameron Winklevoss called out Barry Silbert on <\/span>Twitter<\/span><\/a> in an open letter, claiming that Silbert and DCG had engaged in \u201cFraudulent Behavior.\u201d\u00a0<\/span><\/p>\n
Related Reading: This Machine Learning Tool Was Asked To Predict XRP Price, Here\u2019s What It Said<\/a><\/div>\n
He warned that Silbert\u2019s failure to reply and come to the negotiation table by Friday would result in a lawsuit. In a follow-up <\/span>tweet<\/span><\/a>, Winklevoss also tabled a \u201cbest and final offer\u201d involving a repayment plan.<\/span><\/p>\n
Still, Silbert and DCG failed to reply, and true to his words, Winklevoss and Gemini filed a lawsuit against DCG and Silbert for fraud on July 7.<\/span><\/p>\n
Featured image from SlashGear, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court filing reveals. According to the letter filed yesterday at the US bankruptcy court for the Southern District of New York, both firms – who happened to have filed for bankruptcy – have agreed to settle their ongoing billion-dollar dispute.\u00a0 How The Feud Began FTX filed a motion in May this year to recover its funds from Genesis and \u201cnon-debtor affiliates\u201d so the company could pay back its creditors. The motion went as far as describing Genesis (who attributed its solvency issues to FTX\u2019s collapse) as \u201cone of the main feeder funds and instrumental to its [FTX and Sister company Alameda Research] fraudulent business model.\u201d Related Reading: Shiba Inu Reclaims 14th Spot In Market After 5% Jump FTX further claimed that Genesis received \u201cavoidable transfers\u201d from FTX\u2019s debtors totaling almost $3.9 billion. In response, Genesis denied owing FTX and filed a motion asking the bankruptcy judge to rule its debt to FTX as zero. However, a subsequent letter from FTX to the bankruptcy judge showed that the company had reduced its claim from $3.9 billion to $2 billion. FTT token trades at $1.3 amid exchange’s woes | Source: FTTUSD on Tradingview.com FTX\u2019s claim could have delayed a creditor payout and slowed Genesis\u2019 bankruptcy proceedings. However, with settlement in sight, things are likely to move along quickly, as according to the letter, FTX, its associated debtors, and debtors in its Chapter 11 bankruptcy case have reached a preliminary agreement. The court filing reads: 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. Genesis Still Not In The Clear Despite reaching a settlement with FTX, crypto lending platform Genesis still has other lawsuits to deal with, including one filed by Gemini against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert. Gemini\u2019s co-founder Cameron Winklevoss called out Barry Silbert on Twitter in an open letter, claiming that Silbert and DCG had engaged in \u201cFraudulent Behavior.\u201d\u00a0 Related Reading: This Machine Learning Tool Was Asked To Predict XRP Price, Here\u2019s What It Said He warned that Silbert\u2019s failure to reply and come to the negotiation table by Friday would result in a lawsuit. In a follow-up tweet, Winklevoss also tabled a \u201cbest and final offer\u201d involving a repayment plan. Still, Silbert and DCG failed to reply, and true to his words, Winklevoss and Gemini filed a lawsuit against DCG and Silbert for fraud on July 7. Featured image from SlashGear, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3,87361],"tags":[6664,8614,71704,88735,15593],"class_list":["post-545005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","category-ftx-ftt-bankman","tag-crypto","tag-dcg","tag-ftx","tag-ftx-lawsuit","tag-genesis"],"acf":[],"yoast_head":"\nCourt Filing Suggests FTX\u2019s $2 Billion Lawsuit Against Genesis Is Coming To An End<\/title>\n<meta name=\"description\" content=\"The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court filing reveals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Court Filing Suggests FTX\u2019s $2 Billion Lawsuit Against Genesis Is Coming To An End","url":"http:\/\/wncen.com\/news\/ftx-2-billion-lawsuit-against-genesis\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ftx-2-billion-lawsuit-against-genesis\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/FTX-and-Genesis-crypto.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/FTX-and-Genesis-crypto.jpeg?fit=780%2C438"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","dcg","ftx","ftx lawsuit","genesis"],"dateCreated":"2023-07-29T20:00:01Z","datePublished":"2023-07-29T20:00:01Z","dateModified":"2024-06-11T08:07:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Court Filing Suggests FTX\\u2019s $2 Billion Lawsuit Against Genesis Is Coming To An End\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ftx-2-billion-lawsuit-against-genesis\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ftx-2-billion-lawsuit-against-genesis\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/FTX-and-Genesis-crypto.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/FTX-and-Genesis-crypto.jpeg?fit=780%2C438\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"dcg\",\"ftx\",\"ftx lawsuit\",\"genesis\"],\"dateCreated\":\"2023-07-29T20:00:01Z\",\"datePublished\":\"2023-07-29T20:00:01Z\",\"dateModified\":\"2024-06-11T08:07:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/FTX-and-Genesis-crypto.jpeg?fit=780%2C438","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545005"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545005"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545007"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}