The liquidator of bankrupt crypto exchange FTX is trying to retrieve nearly $4 billion for creditors—from another bankrupt crypto firm. After a hearing on June 15, a court in the Southern District of New York will decide whether to let FTX pursue Genesis Global Capital (GGC), a crypto lender, over payments said to have been made shortly before the exchange’s collapse amid allegations of fraud.
GGC, which filed for bankruptcy in January after being caught in the blowback from FTX’s implosion, only has about $5 billion in assets. If the court allows FTX to go ahead, a zero-sum legal battle will ensue. “If all the FTX claims are legitimate,” explains Ram Ahluwalia, CEO of
→ Continue reading at WIRED
