Disgraced crypto exchange FTX and lender Genesis–both of which filed for Chapter 11 bankruptcy at the start of November–have reached an agreement in principle to settle their ongoing multibillion-dollar dispute, according to a letter filed yesterday with the United States Bankruptcy Court for the Southern District of New York.

FTX, which began bankruptcy proceedings last November, filed a motion in May this year “to claw back funds received by Genesis and non-debtor affiliates” to help pay back its long line of creditors.

The motion went as far as calling Genesis—which filed for bankruptcy in January due to knock-on effects from the FTX collapse—“one of the main feeder funds and instrumental to [the] fraudulent business model” of FTX and its sister company Alameda Research.

It further claimed Genesis received “avoidable transfers” from FTX’s debtors totaling almost $3.9 billion.

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Author: Tim Hakki

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