Genesis Moves $1.5 Billion in Bitcoin and Ethereum for Creditor Repayments
Genesis moves indicate the company's active measures to fulfill creditor obligations despite past financial troubles and legal challenges.
Chirag Sharma
BREAKING: Wallets linked with Genesis Trading have moved 16.6K BTC ($1.1B) and 166.3K ETH ($521.1M) in the past hour, likely for in-kind repayments to creditors. According to an X post by Arkham Intelligence, this substantial movement of funds by Genesis moves the market significantly.
Key Details:
- BTC Wallet: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux
- ETH Wallet: 0xC62cBa8e7080e376345F72D5b8ed414D8e0546C4
Track live data here
Market Impact
Genesis moves have caused noticeable fluctuations:
- BTC fell 2.2% in the last hour.
- ETH registered a 2.5% correction during the same period.
Background
Genesis Trading’s liquidity issues became apparent after the Terra collapse in 2022, which triggered the downfall of entities like Three Arrows Capital. In January 2023, Genesis filed for bankruptcy, unable to meet customer demands.
Legal and Financial Settlements
Several legal battles have plagued Genesis:
- May 2023: The company won a case to return $3 billion to customers.
- Settlement with NY Attorney General: $2 billion settlement in May.
- SEC Legal Suit: Faced a lawsuit for allegedly selling unregistered securities through Gemini Earn, leading to a $21 million settlement.
Previous Asset Redemptions
Genesis moves included a significant transaction in April 2023:
- Redeemed: Over 32,000 BTC valued at approximately $2.1 billion.
- Purpose: Part of the bankruptcy process settlement, returning $2 billion to nearly 232,000 Gemini customers.
Current Movements
The latest Genesis moves are part of ongoing efforts to manage their financial obligations:
- Amount: 16,600 BTC and 166,300 ETH.
- Purpose: Likely repayments to creditors, continuing the process of returning assets to stakeholders.
Conclusion
Genesis moves indicate the company’s active measures to fulfill creditor obligations despite past financial troubles and legal challenges. This significant movement of assets underscores the company’s ongoing efforts to stabilize and resolve its financial commitments.
In summary, the recent Genesis moves have not only impacted the cryptocurrency market but also highlight the continuous process of financial restitution by Genesis Trading.
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In this article
Market Impact
Background
Legal and Financial Settlements
Previous Asset Redemptions
Current Movements
Conclusion
