FTX and Genesis have reached a preliminary settlement agreement, and both parties will settle their claims through the agreement.

According to a report from Bloomberg on July 28, FTX and Genesis have reached a tentative agreement to resolve the dispute related to their bankruptcy protection case. The legal representatives of both institutions wrote a letter to the bankruptcy judge on Thursday stating that their respective claims against each other will be resolved through the agreement. They plan to file a motion with the bankruptcy court to seek approval of the transaction. No details of the settlement were provided in the letter. FTX had previously accused the cryptocurrency lending institution Genesis of owing it as much as $3.9 billion, but this was denied by Genesis. Later, the amount was reduced to $2 billion.