Crypto : FTX claims $1.15 billion from Genesis Digital Assets

The collapse of FTX has not finished shaking the crypto ecosystem. The FTX Recovery Trust has filed a lawsuit against bitcoin miner Genesis Digital Assets, claiming $1.15 billion. A colossal amount that reminds how much the shadow of FTX continues to hover over the industry.

A new legal battle in the wake of FTX

The FTX Recovery Trust, responsible for recovering funds intended for the bankrupt exchange’s creditors, filed a complaint against Genesis Digital Assets (GDA) on Monday. The main accusation is clear: Sam Bankman-Fried allegedly invested $1.15 billion in the bitcoin miner via Alameda Research, diverting clients’ money from FTX.

According to the legal document, Sam Bankman-Fried made these investments at “outrageously inflated prices,” allowing him to gain a personal advantage. Already sentenced to 25 years in prison, he reportedly made GDA one of his riskiest bets.

At the time of the events, Genesis Digital Assets focused its activities in Kazakhstan. Today, the company has expanded its footprint with mining farms in the United States and Europe, while establishing its headquarters in Dubai.

On the defense side, silence dominates. GDA has refused to respond to the accusations, while former legal advisers of FTX deny any responsibility and assert they were never aware of an organized fraud.

An offensive Trust, between reimbursements and legal battle

This new legal offensive is part of a broader reconquest strategy. Since the beginning of 2025, the FTX Recovery Trust has multiplied initiatives to restore creditor confidence.

After two waves of reimbursements already made, a third tranche of $1.6 billion is to be paid by the end of September. At this stage, nearly $7.8 billion have been redistributed, but initial losses still exceeded $16 billion.

These efforts reflect the determination of John J. Ray III, the seasoned lawyer appointed at the head of the Trust, to definitively turn the FTX page. Yet, each new legal proceeding rekindles the wounds left by the bankruptcy and fuels mistrust towards centralized platforms. 

For many observers, the FTX scandal now embodies the excesses of an industry that prospered for too long without real safeguards.

In short, the complaint against Genesis Digital Assets illustrates this determination to recover every dollar swallowed in the turmoil. But if it were to succeed, it would especially remind how much Sam Bankman-Fried’s opaque management weakened the entire sector. 

Between progressive reimbursements and endless litigation, the toxic legacy of FTX continues to weigh heavily on the credibility of the crypto ecosystem.