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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...

Join Our Telegram channel to stay up to date on breaking news coverage Two months after declaring bankruptcy, FTX’s attorneys are now identifying and valuing the company’s assets to see how much money can be recovered to pay back lenders and consumers who lost billion s of dollars in the once-promising crypto currency exchange. Lawyers from the New York firm of Sullivan & Cromwell, which is also embroiled in scandal for work it performed for FTX prior to bankruptcy, said in a court document on Tuesday that they had discovered $5.5 billion in assets hidden away in customer accounts or other portions of the business. The complexity of the task involved in untangling and recovering the assets connected to FTX became more apparent as the attorneys provided additional information regarding the nature of the assets. Sam Bankman-Fried, the founder of FTX, quickly invested money in a variety of assets, from obscure cryptocurrency to stakes in hundreds of other busine...