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• FTX and Genesis, both bankrupt companies, have agreed to settle their claims against each other.
• The agreement would resolve FTX’s claims against Genesis debtors and vice versa.
• The crypto lender owes FTX and its affiliates $226 million, making it the largest unsecured creditor.

FTX and Genesis Agree to Resolve Claims

FTX and Genesis are in bankruptcy and have been trying to collect funds for creditors under court supervision. The two companies recently reached an in-principle agreement with the aim of resolving their respective claims against one another. This comes after the exchange decreased its claim from up to $4 billion to $2 billion earlier this month.

Genesis is Large Unsecured Creditor of FTX

Genesis is the largest unsecured creditor of FTX with a claim amount of $226 million dollars. Furthermore, the settlement would put an end to any ongoing motions pertaining to such claims between both parties as well as rescind any existing ones.

Documentation and Court Approval Needed

The parties involved intend to swiftly document and request court approval of the settlement agrreement they have reached in principle. It was also mentioned that all claims asserted by either company will be resolved once approved by Judge Lane who is overseeing this case

Reason Behind Bankruptcy Cases

FTX filed for bankruptcy protection due to failure of cryptocurrency hedge fund Three Arrows Capital while Genesis did so due to mismanagement or fraud on behalf of its operators/managers Digital Currency Group (DCG).

Speculations Around FTX’s Future

With this most recent development, it appears that all current disputes between FTX debtors‘ claims & objections have been resolved which has led some people speculating about a potential resumption of operations for FTX in the near future.