Genesis Trading Moves $900 Million in BTC and ETH to Honor Withdrawals

IconCryptoNewsTerminal Staff02 Aug, 2024

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Genesis Trading Moves $900 Million in BTC and ETH to Honor Withdrawals

Genesis Trading, the troubled crypto lending and trading platform, is reportedly moving a substantial amount of Bitcoin (BTC) and Ethereum (ETH) to meet client redemption requests. According to Solid Intel, a cryptocurrency media outlet, the company is transferring 14,000 BTC (approximately $900 million) and 156,000 ETH (around $480 million). This move indicates that Genesis is taking steps to address the liquidity issues that have plagued the platform in recent months. Genesis has been facing financial challenges due to the collapse of several major crypto firms, including Three Arrows Capital and FTX. The company suspended customer withdrawals in November 2022, citing "unprecedented market turmoil." The platform has since been working to secure additional funding and restructure its operations. The transfer of these cryptocurrencies suggests that Genesis is making progress in meeting its obligations to clients. However, the company's long-term prospects remain uncertain as it continues to navigate the ongoing crisis in the crypto market. ```

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