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FTX and Genesis Agree to Settle In The Bankruptcy Case

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The leading cryptocurrency exchange, FTX, faced challenges as Sam Bankman-Fries, its previous CEO, was accused of criminal charges.

The new development in the case is that the failed cryptocurrency companies FTX and Genesis have joined hands to agree on a settlement in principle.

Their agreement will settle the claims both parties made in their ongoing lawsuit over Chapter 11 bankruptcy cases.

READ ALSO:United States Commodity Futures Trading Commission Sues Couple for $6 Million Scam

Fast Facts

  • Both the legal counsels of FTX, a crypto exchange and Genesis, a crypto lender, yesterday, July 27, reached an agreement to settle. Still, the FTX and Genesis settlement is in principle and didn’t offer settlement details.
  • However, it is conditional to documentation regarding an agreement that will settle the claims made by FTX debtors and the debtors in the Chapter 11 cases.
  • FTX and Genesis are bankrupt and are attempting to gather money for their creditors while still under court surveillance. Presently, the customers and investors of FTX and Genesis are using several lawsuits worldwide to seek their money back.
  • This settlement aims to settle FTX’s claims against Genesis debtors and vice versa. In addition, it can withdraw unresolved motions linked to those claims.
  • FTX and Genesis plan to document their settlement and seek the court’s approval for an immediate settlement. Both parties asked the court to adjourn pending deadlines on present motions and due briefs to allow time for finalizing terms.
  • Previously, Genesis was the largest unsecured creditor of FTX and its related bodies. As a result, as of January this year, FTX owes Genesis around $226.3 million.
  • Last month, the FTX debtors denied the estimation made by Genesis, saying that Genesis isn’t entitled to any claims. However, this recent settlement will likely resolve all of these issues.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is trading at $29,253.98 with a decrease in market cap by 1.02% and a decrease in trading volume by 15.97%.

The price of Ethereum currently is at $1,868.90, with a decrease in market cap by 0.90% and a decrease in trading volume by 32.09%.

  • Meanwhile, Cardano is currently trading at $0.3118, with an increase in market cap by 0.02% and a decrease in trading volume by 20.48%.
  • The price of Dogecoin currently is at $0.07666, with a decrease in market cap by 3.77% and another decrease in trading volume by 34.67%.
  • On the side of Solana, it is trading at $24.71 with a decrease in market cap by 2.87% and a decrease in trading volume by 42.23%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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