Genesis seeks court approval for 3AC settlement
In a Nov. 9 court filing, Genesis, the cryptocurrency trading lender heavily impacted by the collapse of Three Arrows Capital (3AC) and FTX last year, is now seeking out court approval for a settlement agreement. The agreement is said to give 3AC an allowed general unsecured claim of $33 million against Genesis instead of the $1 billion claim. Another step Genesis states that 3AC’s $1 billion claims were the largest in Chapter 11 cases associated with the FTX exchange, stressing that 3AC Debtor was one of the biggest borrowers from 2020 to 2022 when it collapsed. Now, under the agreement, Genesis will have to waive all its assertions and rights to an undisclosed quantity of AVAX tokens from Avalanche and NEAR tokens from Near Protocol. In addition, the bankrupt entities will engage in a mutual release, absolving each other of any outstanding liabilities. You might also like: Singapore police tipped of to detain 3AC founder Su Zhu by liquidators The document also s...