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FTX Seeks to Claw Back Nearly $4B in Ongoing Bankruptcy Case
There will be a hearing on May 25 to discuss the motion by the FTX estate.
By Nikhilesh De
Updated May 3, 2023, 9:57 p.m. Published May 3, 2023, 9:48 p.m.
Bankrupt crypto exchange FTX wants to claw back nearly $4 billion in funds from similarly bankrupt Genesis Global Capital, the company said in a court filing Wednesday.
Genesis was "largely repaid" the nearly $8 billion in loans made to Alameda Research, an FTX-affiliated entity in the weeks leading up to FTX's bankruptcy in November, the motion said. Genesis is a subsidiary of Digital Currency Group, CoinDesk's parent company. Genesis filed for bankruptcy itself in January.
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According to Wednesday's filing, Alameda repaid $1.8 billion in loans to Genesis and pledged $273 million to Genesis in the 90 days before the various FTX companies filed for bankruptcy. Genesis also withdrew another $1.6 billion from FTX, while Genesis Global Capital International withdrew another $213 million in that same period.
"The Avoidance Actions will seek to claw back funds received by Genesis and non-debtor affiliates so that these funds can be shared with all other creditors of the FTX Debtors in the FTX Chapter 11 Cases. These creditors include several million customers owed over $11 billion as of the time of filing of FTX Chapter 11 Cases," the filing said.
There will be a hearing on May 25 to discuss the motion.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
需要了解的:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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