Court documents filed on May 3 disclose FTX is attempting to claw back funds in the form of repaid loans, withdrawn liquidity, and collateral from fellow bankrupt platform Genesis. The total sum at stake amounts adds up to over $3.88 billion across all entities affiliated with Genesis. Genesis was one of the main feeder funds for FTX and instrumental to its fraudulent business model. At one point in 2021, Genesis Global Capital (GGC) had over $8 billion of outstanding loans to FTX Debtor Alameda Research Ltd. Considering that the whole point of a bankruptcy case is to make creditors whole again.
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