Genesis Trading has moved $3 billion worth of Bitcoin (BTC) and Ethereum (ETH) amid its bankruptcy restructuring efforts. Over the past three days, wallets linked to Genesis transferred 32,256 BTC ($2.12 billion) and 256,775 ETH ($838 million) to manage creditor repayments.
Genesis Trading’s troubles began with the collapse of FTX in November 2022, leading to $175 million in locked assets and a halt in withdrawals. The company filed for bankruptcy in January 2023 and later reached a $3 billion settlement with New York over fraud allegations. In October 2023, a judge approved a $175 million settlement between Genesis and FTX.
The recent transfers likely aim to fulfill creditor claims, covering approximately 77% of the total. This adds to market instability, alongside asset liquidations from other entities like Mt. Gox and the German government.
These moves are crucial for stabilizing Genesis and potentially the broader crypto market.
