Cryptocurrency exchange FTX wants to buy back the remaining $3.9 billion in Genesis.
The funds FTX is seeking from Genesis are related to loans, collateral and withdrawn assets. It is also alleged that Alameda paid back $1.8 billion to Genesis before its bankruptcy.
FTX Wants to Reclaim Remaining Funds of Genesis
FTX Group is seeking to recover close to $3.9 billion in cash and crypto from bankrupt digital asset lender Genesis Global Capital LLC and a non-bankrupt subsidiary, GGC International Ltd.
It also relates to the $1.6 billion in assets Genesis Global Capital pulled from FTX’s trading platform before it went bankrupt, and the $213 million acquired by GGC International, FTX lawyers claimed in court filings.
As FTX’s litigation process continues, the company is trying to bail out its funds from the industry. However, the company is struggling to buy assets from industry players. The company finally demanded its assets back from the bankrupt Genesis. The company said in its report to the court that it wanted $3.9 billion in funding back. However, among the allegations, Alameda reportedly paid Genesis before its bankruptcy.
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