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Genesis previously reportedly said that the $175 million settlement was “fair and equitable,” while FTX creditors wanted to contest it. A New York bankruptcy judge has approved a settlement between bankrupt cryptocurrency firms FTX and Genesis Global Trading (GGC), allowing FTX-affiliated Alameda Research to get $175 million from GGC. The United States Bankruptcy Court for the Southern District of New York gave the green light to the settlement agreement between FTX and GGC’s parent company Genesis Global Holdco in a filing submitted on Oct. 11. Following the approval, Genesis debtors are officially authorized to enter into and perform under the settlement agreement and pay $175 million to FTX. In conjunction with approving the settlement amount, New York bankruptcy Judge Sean Lane has also expunged multiple claims by the FTX debtors against Genesis. According to the filing, the court has accepted the withdrawal of a large number of claims , including three claims by FTX Trading, six...

Mt. Gox’s trustee, Nobuaki Kobayashi, announced that the deadline for the exchange’s scheduled repayments had been extended by 12 months. In a Sept. 21 letter, Nobuaki Kobayashi, the Rehabilitation Trustee for the once-dominant Bitcoin exchange Mt. Gox, announced a one-year extension to the repayment deadline s for the exchange’s creditors. Initially set for Oct. 31, 2023, repayment s are now expected to be finalized by Oct. 31, 2024. Kobayashi further stated that for rehabilitation creditors who have furnished all necessary details, the sequence of repayments could begin by this year’s end. However, he cautioned that the schedule could change based on various factors, and the specific timing for each creditor remains undetermined. This announcement comes after Kobayashi revealed in April that the deadline for creditors to submit repayment data had passed. The news could be seen as another delay in a series of setbacks, although the final repayments are draw...

Bankrupt crypto exchange FTX reinstated the functionality of its customer claims portal with enhanced security measures following a recent cyberattack on non-sensitive data. Customers can now resume submitting claims for assets held before the exchange declared insolvency in November 2022. FTX suffered a cyberattack that led to a temporary shutdown. The breach exposed non-sensitive data of claimants but did not impact account passwords or funds. The exchange confirmed on Sept. 16 that none of its important systems were affected by the breach . FTX provided the following update regarding the recent Kroll cybersecurity incident. Claimants may now resume activities on our platform: https://t.co/DkYi2hDLbI. pic.twitter.com/Nfob4QQxjv — FTX (@FTX_Official) September 16, 2023 The reactivated portal allows creditors to continue submitting claims for digital assets held on the exchange prior to its insolvency in November 2022. Account holders from various FTX-related platforms i...

The agreement in-principle reached by DCG and creditors also said that the Ad Hoc Group and Gemini did not support the deal. The lenders of the bankrupt cryptocurrency lender Genesis are not satisfied with the latest in-principle settlement agreement with other parties including the Digital Currency Group (DCG). The Ad Hoc Group of Genesis Global Capital (GGC) lenders — represented by lawyers Brian Rosen and Jordan Sazant — on Aug. 29 responded to a public bankruptcy plan update, calling the reached in-principle agreement “wholly insufficient.” Posted hours before, the public update said that DCG reached an agreement in principle with Genesis’ unsecured creditors (UCC) and debtors, proposing USD equivalent recoveries of 70%–90%. The update stressed that neither the Ad Hoc Group nor the Gemini exchange supported the deal in principle described in the plan update. “Although the mediation has terminated, constructive discussions with the Ad Hoc Group and Gemini regarding the aforemen...

FTX and Genesis representatives informed the US court that they are ready to settle the bankruptcy case. In a filing to Judge Lane of the United States Bankruptcy Court, FTX and Genesis lawyers state that they agreed on a potential settlement between the two parties in the ongoing bankruptcy case. @Geminiearn @Gemini Genesis Debtor just submitted this letter to the court indicating agreement with FTX. Lift Stay Motion and Estimation will be mooted. Waiting for the "Settlement" to see what the numbers are. pic.twitter.com/hvRK8lX6X6 — CryptoEquality (@crypto_equality) July 28, 2023 The letter provided no further details on the agreement. But if the case is settle d, both FTX’s claims against Genesis debtors and the reverse petitions could be satisfied. Currently, both FTX and Genesis are bankrupt . Their investors and clients are seeking to get their money back in various lawsuits worldwide. You might also like: $175 million of Genesis locked in FTX ...

Christine Okike, a lawyer representing BlockFi at its bankruptcy hearing claimed that BlockFi is not in immediate danger and has sufficient funds to continue operating normally. According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported. According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not the bank's financials. https://t.co/xsgWgQRsLy — Cointelegraph (@Cointelegraph) March 11, 2023 During a bankruptcy hearing on Monday, Christine Okike of Kirkland & Ellis claimed that BlockFi is not in immediate danger and has sufficient funds to continue operating normally, including paying employees and vendors. Okike reportedly shared; BlockFi is fine ...