{"id":19030,"date":"2023-06-06T16:21:22","date_gmt":"2023-06-06T20:21:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/judge-rules-against-ftx-in-genesis-bankruptcy-mediation-case\/"},"modified":"2023-06-06T16:21:24","modified_gmt":"2023-06-06T20:21:24","slug":"judge-rules-against-ftx-in-genesis-bankruptcy-mediation-case","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19030","title":{"rendered":"Judge Rules Against FTX in Genesis Bankruptcy Mediation Case"},"content":{"rendered":"
\n

FTX will not be allowed to join in the mediation between now-bankrupt crypto lender Genesis Global and its parent company, Barry Silbert\u2019s crypto conglomerate Digital Currency Group (DCG), a judge has ruled.<\/p>\n

In the ruling, US Bankruptcy Judge Sean Lane decided against FTX’s inclusion in the settlement talks, where Genesis and its major creditors, along with DCG, aim to develop a revised payout proposal, Bloomberg reported on Monday.<\/p>\n

The proposal will serve as the foundation for a Chapter 11 bankruptcy plan to repay Genesis\u2019 many creditors.<\/p>\n

The decision overruled objections from FTX and several Genesis customers who had called for an immediate end to the settlement talks and demanded clarity on their claims.<\/p>\n

However, Judge Lane emphasized the need for confidentiality during mediation, and said that shortening the process would not expedite the case.<\/p>\n

Genesis now plans to update its reorganization plan, which will be subject to creditor voting once filed.<\/p>\n

Judge Lane will then take these votes into account when deciding whether to approve the proposal.<\/p>\n

Genesis disputes $3.9 billion claim<\/h2>\n

Genesis disputes FTX’s claim of owing $3.9 billion, and has requested that an estimation is conducted to determine the exact amount.<\/p>\n

That request will reportedly be considered by Judge Lane at another hearing later this year.<\/p>\n

FTX, which filed for bankruptcy last year, has worked extensively to recover assets that it owes creditors.<\/p>\n

In April this year, the exchange\u2019s new management said it had successfully recovered more than $7.3 billion in cash and liquid crypto assets, while also floating the idea of restarting the exchange business in order to maximize value for remaining stakeholders.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FTX will not be allowed to join in the mediation between now-bankrupt crypto lender Genesis Global and its parent company, Barry Silbert\u2019s crypto conglomerate Digital Currency Group (DCG), a judge has ruled. In the ruling, US Bankruptcy Judge Sean Lane decided against FTX’s inclusion in the settlement talks, where Genesis and its major creditors, along […]<\/p>\n","protected":false},"author":1,"featured_media":19031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-19030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nJudge Rules Against FTX in Genesis Bankruptcy Mediation Case | iFintechWorld<\/title>\n<meta name=\"description\" content=\"FTX will not be allowed to join in the mediation between now-bankrupt crypto lender Genesis Global and its parent company, Barry Silbert\u2019s crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19030\" 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