According to a legal filing on August 16, FTX, the bankrupted cryptocurrency exchange, and its CEO, John J. Ray III, have submitted a motion to settle with Genesis entities for $176 million. With motion hearing scheduled for September 9, FTX Trading and related debtors have formally requested court intervention to settle a $176 million dispute with Genesis, who is seeking to address customer claims amounting to the same sum against FTX Trading and its affiliates. The Settlement Agreement provides significant economic advantages to FTX trading. Moreover, the Genesis Entities are giving up all claims against the FTX Entities.
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