FTX and Genesis Resolve Bankruptcy Dispute
What It Means for Crypto Investors. Yes, FTX Trading Ltd. and Genesis Global Holdco LLC have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case. On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a […]
-
by Mike Adams
Share on:
What It Means for Crypto Investors.
Yes, FTX Trading Ltd. and Genesis Global Holdco LLC have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case. On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement.
FTX is a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried and Gary Wang. At its peak in July 2021, it had over one million users and was the third-largest cryptocurrency exchange by volume. Antigua and Barbuda incorporate FTX, and its headquarters are in the Bahamas. It specializes in derivatives and leveraged products.
FTX offered reasonable trading fees compared with other cryptocurrency exchanges. The exchange also boasted a mobile app, advanced trading opportunities, and trading opportunities for hundreds of different coins or tokens.
FTX collapsed in early November 2022 following a report by CoinDesk highlighting potential leverage and solvency concerns involving FTX-affiliated trading firm Alameda Research. FTX’s collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation
Genesis Global Holdco LLC is a digital assets focused financial services firm for institutional investors. It is a subsidiary of Digital Currency Group (DCG). Genesis operates several businesses, including Genesis Global Trading, Inc. (“GGT”), Genesis Global Capital, LLC (“GGC”), Genesis Asia Pacific Pte. Ltd. (“GAP”), GGC International Limited (“GGCI”), and Genesis Custody Limited (“Genesis Custody”). Genesis Trading provides over-the-counter (OTC) trading services for large-volume digital assets transactions. Genesis’ lending business offers institutional lending services to clients who want to borrow or lend digital assets1.
Transitioning from financial turmoil, Genesis Global Holdco LLC sought Chapter 11 protection in New York on January 19, 2023. The collapse of FTX exchange and the prior year’s digital asset downturn battered the company.
Experienced Developer with a demonstrated history of working in the computer software industry.
Tim Cook, iPhone 16, and the Crypto Scam That Fooled Many
The world of technology is ever-evolving, with innovations coming at us faster than we can keep up. But with that comes the darker side of tech—scams and digital trickery. Just recently, during the much-anticipated iPhone 16 launch, scammers played a risky game, and the victim of their deceit was none other than Apple CEO Tim […]
TapSwap Daily Codes for September 9, 2024
TapSwap is not just your ordinary gaming app. It has quickly risen through the ranks of mobile games to become a fan favorite, thanks to its unique blend of gaming and earning. While you can enjoy challenging puzzles, exciting rewards await you after each victory. Best of all, TapSwap introduces a novel way to earn […]
Jason Derulo Crypto Dream Fizzles Out
The cryptocurrency world has always been a rollercoaster, but meme coins took things to a whole new level. With social media fueling their rise, meme coins like Dogecoin and Shiba Inu became household names almost overnight. Enter Jason Derulo, the singer who caught the meme coin fever and jumped on the bandwagon like many others. […]
Most read
