Genesis Trading Transfers 40,000 ETH to Two Addresses, Signals Asset Liquidations
Genesis Trading, currently navigating bankruptcy proceedings, has moved 40,000 ETH, $126.8 million, to two separate wallets, signaling possible bankruptcy liquidations.
Genesis Trading transferred 27,500 ETH to the address starting with 0xcbCF at 9:43 UTC+8 today, worth about $87.09 milliom, and transferred 12,500 ETH to the address starting with 0x72FE, worth about $39.59 million, suspected of executing bankruptcy liquidation procedures.…
— Wu Blockchain (@WuBlockchain) August 2, 2024
Per Arkham Intelligence data, a crypto wallet linked to Genesis Trading, transferred 27,500 ETH to the address starting with 0xcbCF. The transfers were worth about $87.09 million.
At about the same time, Genesis-linked wallet also sent 12,500 ETH to another address starting with 0x72FE, worth $39.59 million. The transfers occurred in the early Asia hours on Friday.
This comes two days after the Genesis crypto wallet moved 9644.4 ETH, worth approximately $31.61 million, on 31st July.
The Genesis Trading-labeled wallet has transferred more than 12,600 Bitcoin (BTC) worth around $719.9 million through June-July, mainly in transactions of 500 to 700 BTC.
The massive Bitcoin and Ethereum transfers follow a settlement that Genesis reached with the state of New York in May. According to the settlement, Genesis is required to pay $2 billion to investors defrauded through its Earn program.
The $2 billion settlement is apparently the largest against a crypto firm in New York state history. As a result, the NY Attorney General also noted that it plans to increase oversight and regulation of the digital assets industry which has secured more than $2.5 billion from predatory crypto platforms to date.
Genesis succumbed to the lawsuit that accused the company of
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