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FTX attempts to reclaim $4 billion from Genesis in a battle of bankrupts

Published on

May 4, 2023
Read Time:1 Minute, 36 Second

Cryptocurrency trade FTX is making an attempt to get well round $4 billion from equally bankrupt crypto lender Genesis and a still-solvent British Virgin Islands-based firm -- a part of an effort to reclaim worth for collectors.

In a Could 3 courtroom submitting in a New York chapter courtroom, attorneys from FTX are in search of $1.8 billion in loans and $273 million in safety that Genesis allegedly acquired from sister buying and selling agency Alameda Analysis by FTX.

FTX can also be in search of to reclaim $1.6 billion in withdrawals allegedly made by Genesis and one other $213 million allegedly withdrawn from the trade by its BV-based unit GGC Worldwide earlier than they broke into Chapter 11 chapter on November 11.

FTX needs to reclaim $3.9 billion from Genesis.

1. $2.1 billion mortgage repayments/collateral pledges
2. $1.8 billion in withdrawals on the FTX trade pic.twitter.com/1SsW8yoPck

— Shareholders of FTX 2.0 (to be) (@AFTXcreditor) May 3, 2023

Filed claims that Genesis "largely repaid" its almost $8 billion in loans to Alameda "in contrast to different FTX collectors and clients."

FTX claimed the bankrupt lender was "one of many key feeder funds for FTX and instrumental in its fraudulent enterprise mannequin."

Associated: Celsius sees merger of firms as collectors declare distinctions are a 'sham'

The trade's legal professionals are in search of a restoration below chapter legal guidelines, which permit it to get well "avoidable transfers" made in a 90-day interval earlier than an organization recordsdata for chapter.

Earlier recoveries from FTX have targeted on $3.2 billion in funds to its former executives, a $460 million funding by Alameda in enterprise capital agency Modulo Capital, and about $93 million in political donations of founder Sam Bankman-Fried and different former high executives.

Crypto Twitter Corridor of Flame: Gabriel Haines: Shirtless Shitposting and Chasing SBF on the Meme Streets



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 4, 2023
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