FTX, Genesis Agree to Shrink Billions in Claims to $175 Million

FTX Group and bankrupt crypto lender Genesis Global Holdco have settled a multibillion-dollar dispute, easing their paths to repaying creditors.

FTX has agreed to lodge just a $175 million claim against Genesis and drop clawback demands for billions of dollars, according to court papers. Genesis will also abandon its attempts to recover cash from FTX, court papers show.

The deal — which requires bankruptcy court approval — will avoid expensive and lengthy court battles over who is owed what and why. FTX and Genesis have separately asked their bankruptcy judges to sign off on the settlement, filings show. ...