FTX Hits Back At Genesis

Two defunct exchanges, one long court battle. …

According to recent court documents, FTX has filed a motion to deny the bankrupt Genesis exchange more time in mediation.

Additionally, lawyers for FTX also attacked the claim that FTX is owed $0 by the now-defunct Genesis exchange. …

FTX was Genesis’ largest creditor, documents show.

Here is one of Genesis’ original requests to the court, attempting to assuage the court into minimizing FTX’s claims on the now-bankrupt exchange:

Genesis docket 373. Amended bk plan in next few weeks. Asking for order to estimate FTX claim at zero. Plan fits into ggc and GGT sale dates pic.twitter.com/ToDeepRz5W

— CryptoEquality (@crypto_equality) June 2, 2023

Crypto News explains:

On the other hand, Genesis argued that throwing out the FTX claims “is critical to avoid undue delay in the timing and amount of creditor distributions, and to expeditiously pursue confirmation of a Chapter 11 plan.”

FTX’s filing adds to more than a dozen other individual Genesis creditors who have filed objections to extend the mediation.

FTX’s legal team promptly filed a motion to decline Genesis’ proposed mediation extension and has also objected to claims estimated at $0.

Ethereum World News provided these details:

FTX also took issue with not being included in Genesis’ court-appointed mediation process that took place in May.

The mediation process included other parties to the bankrupt crypto lender’s Chapter 11 process including Genesis’ parent firm Digital Currency Group and the Winklevoss-owned crypto exchange Gemini.

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