FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

Simply a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the likewise insolvent crypto lender Genesis, it is now contesting a claim that it is entitled to nothing.According to a June 2 court filing in a New York Bankruptcy Court, the FTX debtors have raised an objection to Genesis estimate that they are entitled to claims totalling $0.00– which Genesis stated in an evaluation procedures motion filed on June 1. A statement made by Genesis in the movement suggesting that the FTX debtors were kept notified was refuted: A statement made by Genesis in the movement recommending that the FTX debtors were kept notified, was refuted: The FTX Debtors have not been invited to participate in the mediation regardless of the Genesis Debtors representation in the Estimation Procedures Motion that they are “working expeditiously with all parties in interest to formulate a strategy structure. Related: SBF wants to subpoena documents from old FTX/Alameda law company to utilize in his defenseOn May 9, Digital Currency Group (DCG), the moms and dad business of crypto company Genesis Capital, on May 9, reported no option to its “exceptional intercompany commitments” that could assist reimburse creditors.During this duration, DCG was engaged in a mediation period with Genesis in reaction to needs made by creditors.Back in February, the firm had put forward a settlement plan, expecting that Genesis financial institutions would get an 80% healing of funds after the company filed for Chapter 11 bankruptcy.Magazine: Can you trust crypto exchanges after the collapse of FTX?