As an analyst with over two decades of experience navigating the volatile and ever-evolving landscape of finance, I find myself intrigued by this latest turn of events involving Genesis Global. The company’s move to transfer $1.5 billion in Bitcoin and Ethereum for creditor repayment is a significant step towards regaining trust and credibility in the market.
After the collapse of crypto lending company Genesis Global, there’s been a transfer of approximately $1.5 billion, seemingly for creditor compensation. As reported by Arkham Intelligence, these transferred funds are stored in both Bitcoin (BTC) and Ethereum (ETH).
Genesis To Do Right by Its Creditors
In the last quarter of 2022, the collapse of the FTX Derivatives Exchange had a major effect on Genesis Global. Following the declaration of bankruptcy by FTX, Genesis also paused withdrawals and filed for bankruptcy protection itself. After weeks of internal chaos and bankruptcy hearings, it was given approval to start returning assets.
According to Arkham Intelligence, a transfer of $1.5 billion was observed, which consisted of around 16,600 Bitcoins valued at roughly $1.1 billion and 166,300 Ethereums with an estimated worth of $521.1 million.
BREAKING: GENESIS MOVING $1.5B BTC + ETH FOR CREDITOR REPAYMENTS
In the last hour, wallets associated with Genesis Trading have transferred approximately 16,600 Bitcoin (worth around $1.1 billion) and 166,300 Ethereum ($521.1 million). This transfer is likely a form of collateral repayment to creditors in kind.
BTC: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux
ETH:…
— Arkham (@ArkhamIntel) August 2, 2024
This is a developing story, please check back for updates!!
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2024-08-02 18:19