In recent news, US-based cryptocurrency exchange FTX has agreed to settle a lawsuit filed against it by Genesis Trading, a digital currency firm. The settlement amount, reported to be $175 million, has been deemed “fair and equitable” by Genesis. FTX had initially faced resistance from creditors who sought to contest the settlement.
The lawsuit was originally filed by Genesis Trading in response to FTX’s acquisition of Blockfolio, a cryptocurrency portfolio tracking platform. Genesis claimed that FTX failed to honor an agreement to give it a percentage of the revenue generated from Blockfolio. The settlement effectively resolves the dispute between the two parties, providing closure and avoiding further legal action.
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