FTX is locking horns with Genesis as it eyes clawing back billions in loans, collateral and withdrawals given to and made by the crypto lender before the exchange filed for bankruptcy.
Cryptocurrency exchange FTX is seeking to recover around $4 billion from similarly bankrupt crypto lender Genesis and a still-solvent British Virgin Islands-based entity — part of efforts to recover value for creditors.sought $1.8 billion in loans and a $273 million collateral pledge allegedly given to Genesis from FTX’s sister trading firm Alameda Research.
FTX is also seeking to claw back $1.6 billion in withdrawals allegedly made by Genesis and a further $213 million purported to be withdrawn by its BV-based entity GGC International from the exchange before it collapsed into Chapter 11 bankruptcy on Nov. 11, 2022.2. $1.8 billion FTX exchange withdrawals
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