FTX and Genesis Close to Bankruptcy Settlement

 

On July 27, representatives of crypto platforms sent a letter to the court where their case is being considered, in which they assure that the parties have reached an amicable agreement.

At the same time, only an agreement in principle has been reached so far, work on its implementation will continue. However, based on the plot of the preliminary settlement agreement all claims will be withdrawn.

It remains to document all this in detail, which takes some time. As a result, the parties petitioned the court to adjourn the proceedings.

In addition to the mass of mutual lawsuits, the most notorious was the lawsuit in which it was indicated that the Currency debt to FTX was $4 billion. However, last month the amount was halved.

While it does not affect other creditors in any way, progress will be made after the issuance of a court verdict and the complete removal of mutual claims between FTX and Genesis. Therefore, the cryptocommunity did not respond to this news in any way and the FTX and GENT tokens continued their bear trend.

 

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