The embattled crypto lender has filed an intent to claw back funds from those who withdrew $100,000 or more in the three months before it declared bankruptcy.
Grayscale investment products are no substitute for BTC, Genesis creditors say, and there’s still the matter of late fees.
Fintech firm Dave will purchase a convertible promissory note worth $100 million at a discounted rate, paying $71 million to FTX liquidators. Court approval is pending for the deal.
The crypto lender has 206,300 Ether (ETH) currently in the staking withdrawal queue, according to Nansen.
Many online objected to the proposed pricing, based on the U.S. dollar value of cryptocurrencies when FTX filed for bankruptcy in November 2022.
Payments through bank accounts are still awaited.
FTX US acquired Embed for $220 million in June 2022, with the crypto exchange issuing two simple agreements for future equity to Sam Bankman-Fried.
Reports suggested that some FTX creditors were able to get up to 73 cents on the dollar for selling their claims ahead of any bankruptcy court proceedings.
The proposed settlement is still subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas.
FTX’s SOL holdings are worth over $4.2 billion in today’s money, up from $1.16 billion from earlier this year.
A federal judge took steps to end a protracted dispute between FTX and its largest creditor at a bankruptcy hearing, signaling the court could try to speed up efforts to recover FTX customer's funds from the failed crypto firm's estate.
Crypto lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, to recover more than $689 million.