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FTX and Genesis Global Capital have reached an agreement
to resolve a dispute between the debtors of the now-bankrupt cryptocurrency companies.
The agreement was disclosed in a letter that was filed by their lawyers in the US
bankruptcy
Bankruptcy
Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term court for the Southern District of New York yesterday (Thursday).
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“The parties have
reached an agreement in principle, subject to documentation, regarding a
settlement that would resolve, among other things, the claims asserted by FTX’s debtors against the debtors in these Chapter 11 cases and the claims
asserted by Genesis’ debtors against the FTX’s debtors in the FTX’s Chapter 11
cases,” the letter noted.Following the bankruptcy
of FTX, Genesis emerged as the largest unsecured creditor of the cryptocurrency
exchange, owed USD $226 million, according to court documents filed in January.
Besides that, FTX claims that Genesis Global owes it USD $3.9 billion, an amount that was later reduced to USD $2 billion. Genesis, however, denied the claims.FTX filed an application
to recover the funds from Genesis Global in cash and cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term in May.
The amount includes USD $1.8 billion in loans and USD $1.6 billion that Genesis
allegedly withdrew from FTX’s trading platform before both companies went
bankrupt. It includes
USD $273 million in collateral given to Genesis Global and USD $213 million
reportedly taken by the crypto lender’s subsidiary. Keep Reading Genesis Global suspended
withdrawals last November, citing abnormal customer requests following the
collapse of FTX. Additionally, the crypto lending platform, which suffered
losses after the collapse of Three Arrows Capital, filed for bankruptcy in
January.Gemini Sues GenesisMeanwhile, three
weeks ago, Finance
Magnates reported that Genesis’ parent company and its Founder, Barry Silbert, had
been sued by Gemini. The
cryptocurrency exchange claims that the crypto lender and Silbert perpetrated fraud against investors in a digital asset lending program operated by both companies. Gemini
and Genesis partnered in a lending program that offered investors interest of
up to 8%. However, following the insolvency of Genesis, the program suspended
customers’ withdrawals. Thus, Gemini is accusing Genesis and Silbert of being
behind its investors’ losses.
FTX and Genesis Global Capital have reached an agreement
to resolve a dispute between the debtors of the now-bankrupt cryptocurrency companies.
The agreement was disclosed in a letter that was filed by their lawyers in the US
bankruptcy
Bankruptcy
Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term court for the Southern District of New York yesterday (Thursday).”The parties have
reached an agreement in principle, subject to documentation, regarding a
settlement that would resolve, among other things, the claims asserted by FTX’s debtors against the debtors in these Chapter 11 cases and the claims
asserted by Genesis’ debtors against the FTX’s debtors in the FTX’s Chapter 11
cases,” the letter noted.
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Following the bankruptcy
of FTX, Genesis emerged as the largest unsecured creditor of the cryptocurrency
exchange, owed USD $226 million, according to court documents filed in January.
Besides that, FTX claims that Genesis Global owes it USD $3.9 billion, an amount that was later reduced to USD $2 billion. Genesis, however, denied the claims.FTX filed an application
to recover the funds from Genesis Global in cash and cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term in May.
The amount includes USD $1.8 billion in loans and USD $1.6 billion that Genesis
allegedly withdrew from FTX’s trading platform before both companies went
bankrupt. It includes
USD $273 million in collateral given to Genesis Global and USD $213 million
reportedly taken by the crypto lender’s subsidiary. Keep Reading Genesis Global suspended
withdrawals last November, citing abnormal customer requests following the
collapse of FTX. Additionally, the crypto lending platform, which suffered
losses after the collapse of Three Arrows Capital, filed for bankruptcy in
January.Gemini Sues GenesisMeanwhile, three
weeks ago, Finance
Magnates reported that Genesis’ parent company and its Founder, Barry Silbert, had
been sued by Gemini. The
cryptocurrency exchange claims that the crypto lender and Silbert perpetrated fraud against investors in a digital asset lending program operated by both companies. Gemini
and Genesis partnered in a lending program that offered investors interest of
up to 8%. However, following the insolvency of Genesis, the program suspended
customers’ withdrawals. Thus, Gemini is accusing Genesis and Silbert of being
behind its investors’ losses.
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