FTX and crypto lending platform Genesis have officially come to an agreement over the claims made by the crypto exchange against said platform during its bankruptcy case.
This settlement agreement will cover FTX’s claims against the Genesis debtors and vice-versa.
The concord was delivered to the presiding judge, with both parties seeking approval of the document in question.
This dispute between the two entities had began in May 2023, when FTX Lawyers filed a lawsuit against Genesis, putting forth a claim of $3.9 billion.
Since then, the claim has been reduced to $2 billion. Genesis is thought to have been among the largest unsecured creditors of the exchange with an estimate of $226 million in debt.
Details of the settlement agreement were not disclosed, but FTX has reportedly returned liquid assets in the region of $7 billion.
Furthermore, FTX has also challenged the latest assessment produced in June, asserting that Genesis should not be owed anything. It appears that such claims and disagreement have been settled as part of the accord.
