The post FTX Seeks to Claw Back $3.9 Billion From Genesis appeared first on Coinpedia Fintech News
Troubled cryptocurrency exchange FTX is attempting to recover roughly $4 billion from Genesis, a bankrupt cryptocurrency lender, and a solvent entity in the British Virgin Islands. There will be a hearing on May 25 to discuss the motion.
Court documents filed on May 3 in a New York bankruptcy court indicate that FTX’s legal representatives are seeking the repayment of $1.8 billion in loans and $273 million in collateral. These funds were reportedly given to Genesis by Alameda Research, FTX’s sister trading firm.
Additionally, FTX is attempting to recover $1.6 billion in withdrawals that were allegedly made by Genesis, as well as $213 million that GGC International, the BV-based entity of the exchange, withdrew prior to its November 11 bankruptcy filing under Chapter 11.
A part of the filing reads, “The Avoidance Actions will seek to claw back funds received by Genesis and non-debt
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