FTX and Genesis have reached an agreement in principle to resolve the claims made by both parties in their ongoing dispute. According to a letter filed by their legal representatives to Judge Sean H. Lane, The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases. The letter did not include details about the settlement.
Genesis had emerged as the largest unsecured creditor of FTX and its affiliated companies, with $226.3 million owed. FTX had also claimed that Genesis owed nearly $4 billion, later reduced to $2 billion, which Genesis denied. In response to the FTX collapse, Genesis Global Capital, the lending division of Genesis, temporarily halted redemptions and new loans. Genesis is owned by Digital Currency Group (DCG), which also owns CoinDesk.