Genesis Transfers $3B Worth of BTC, ETH Amid Bankruptcy Proceedings

IconCryptoNewsTerminal Staff02 Aug, 2024

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Genesis Transfers $3B Worth of BTC, ETH Amid Bankruptcy Proceedings

Genesis Trading, a bankrupt crypto brokerage and lender, has transferred a significant amount of Bitcoin (BTC) and Ethereum (ETH) over the past three days. On-chain analytics provider Lookonchain flagged that an “estimated Genesis Trading address” moved 32,256 BTC (2.12 billion) and 256,775 ETH ($838 million) to multiple addresses. Earlier today, Genesis Trading transferred another 14,000 BTC ($900 million) and 156,000 ETH ($480 million). These transfers are likely part of Genesis Trading's bankruptcy proceedings. The company has proposed a plan to return 77% of its clients’ assets, or $3 billion. The transfers could be a sign that Genesis Trading is preparing to distribute these funds to its creditors. Genesis Trading's bankruptcy is a major event in the crypto industry. The company was one of the largest crypto lenders, and its collapse has had a ripple effect on the entire market. The recent transfers of BTC and ETH by Genesis Trading are a reminder of the ongoing fallout from the company's bankruptcy.

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