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Fortune

Leo Schwartz

FTX and Genesis avoid 'costly and uncertain litigation' by reaching $175 million settlement

FTX Genesis Crypto John Ray III Sam Bankman-Fried Alameda

(Credit: Tom Williams—Getty Images)

On Thursday, FTX and Genesis struck a deal to settle claims related to both companies' ongoing bankruptcies, with Genesis agreeing to pay FTX's trading arm Alameda Research $175 million. Genesis also agreed to waive all claims against the FTX estate.

After its spectacular collapse at the hands of founder Sam Bankman-Fried in November, the crypto exchange FTX has been seeking to claw back billions of dollars from politicians, hedge funds, and other crypto firms, with the company originally seeking nearly $4 billion from Genesis related to loans from Genesis to Alameda.

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