Genesis Transfers $28 Million in ETH to New Addresses
CryptoNewsTerminal Staff08 Aug, 2024
Genesis Transfers $28 Million in ETH to New Addresses
As Genesis Trading navigates through its Chapter 11 proceedings, blockchain security firm PeckShield reported that the crypto financial services firm recently transferred 10,700 ETH, valued at approximately $28 million, from its existing address to two new addresses. This transfer follows Genesis Trading's earlier statement that it moved $2.11 billion worth of BTC and ETH to various exchanges, custodians, and OTC desks as part of its bankruptcy plan. The company's goal is to return approximately 77% of customer funds, amounting to $3 billion. The recent transfer of ETH has raised questions and speculation within the crypto community, particularly given Genesis Trading's ongoing bankruptcy proceedings. The company has not yet provided an official statement regarding the purpose or destination of these transferred funds.
