Alameda Research, affiliated with FTX, will receive $175 million from GGC as the United States Bankruptcy Court for the Southern District of New York endorsed the settlement agreement between the exchange and Genesis Global Holdco.
The news comes amid Sam Bankman-Fried’s trial, which has revealed the inner workings at both FTX and Alameda, including financial malpractices and misuse of customers’ funds. Notably, he faces 13 charges, including fraud, money laundering, and bribing officials.
Genesis to Pay $175M to FTX
Genesis debtors have now been officially authorized to enter into the settlement agreement and pay $175 million to FTX. Additionally, New York bankruptcy Judge Sean Lane has dismissed multiple claims by FTX debtors against Genesis. The court has accepted the withdrawal of numerous claims, including three by FTX Trading, six by Alameda Research, and six by West Realm Shires Services, representing FTX US.
The approved settlement represents a significant reduction from th
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