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FTX’s bankruptcy trial continues as creditors await compensation.
FTX’s bankruptcy case proceeded as the company moved to recover $3.9 billion from Genesis. Meanwhile, an earlier FTX sale became relevant with the launch of SUI token.
FTX aims to recover $3.9B in Genesis funds
In a May 3 filing, FTX said it intends to begin adversary proceedings against Genesis Global Capital and other associated companies.
That filing called Genesis a “main feeder fund” for FTX and Alameda and said that Genesis received avoidable transfers from FTX’s debtors totaling $3.8 billion.
Specifically, FTX debtors repaid $1.8 billion in loans and provided $273 million of collateral to Genesis. FTX debtors also allowed Genesis Global Capital and GGC International to withdraw $1.6 billion and $213 million from FTX.com, respectively.
As such, FTX says it “will seek to claw back funds” that Genesis received through avoidance actions. It aims to return funds to millions of creditors owed over $11 billion.
FTX said it requests only limited relief, allowing it to file and receive adjudication for its claim. FTX said any attempts to enforce the request would occur in Genesis’ own bankruptcy case — not in FTX’s bankruptcy case.
FTX likely undervalued SUI contracts
Earlier proceedings involving FTX’s assets also attracted attention as Mysten Network’s SUI token began to trade on the crypto market on May 3.
In 2022, FTX and its related companies purchased token contracts that would have allowed them to obtain 888 million SUI. The SUI token was worth $1.38 at the time of writing, meaning that the FTX group could have redeemed those contracts for $1.2 billion.
However, FTX moved to sell those token contracts in March and completed the sale on April 14. When it did so, it sold the contracts for $1 million — approximately 1000 times less than could have redeemed the tokens for today.
FTX also sold $95 million of Mysten Labs shares alongside its SUI contracts.
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