Genesis Trading Liquidates Assets: $720 Million BTC Transferred to Coinbase

IconCryptoNewsTerminal Staff12 Jul, 2024

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Genesis Trading Liquidates Assets: $720 Million BTC Transferred to Coinbase

Genesis Trading, a crypto lender, has reportedly begun liquidating its assets as part of its Chapter 11 bankruptcy plan. According to data from Arkham, a Genesis Trading-linked address has transferred 12,600 BTC (worth approximately $720 million) to Coinbase in the past month. This suggests that Genesis Trading has started the process of selling its assets to raise funds for its creditors. The Genesis Trading-linked address currently holds 33,356 BTC. Genesis Trading filed for bankruptcy in January 2023, after being hit hard by the collapse of crypto hedge fund Three Arrows Capital. As part of its bankruptcy plan, Genesis Trading has said that it will liquidate its assets and distribute the proceeds to its creditors.

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