Genesis Trading Inflows $37.72 Million BTC to Coinbase amid Restructuring

IconCryptoNewsTerminal Staff15 Jul, 2024

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Genesis Trading Inflows $37.72 Million BTC to Coinbase amid Restructuring

Genesis Trading, the bankrupt institutional cryptocurrency trading and lending platform, has moved 600 BTC ($37.72 million) to Coinbase, as per blockchain analytics firm Arkham Intelligence (ARKM). This transaction is part of a larger pattern of Genesis Trading sending over 12,000 BTC to Coinbase in the past month. The latest move comes after Genesis reportedly devised a plan to sell its assets and distribute the proceeds to creditors as part of its modified Chapter 11 bankruptcy plan. The company has been facing financial difficulties since the collapse of FTX in November 2022.