Once bankrupt crypto lending giant Genesis Global has moved the sum of $1.5 billion as in what appears as funds for creditor repayment. Crypto data analytics platform Arkham Intelligence shared the update noting the funds moved are domiciled in Bitcoin (BTC) and Ethereum (ETH).

Genesis To Do Right by Its Creditors

The implosion of the FTX Derivatives Exchange in Q4 2022 impacted Genesis Global significantly. Weeks after the FTX bankruptcy, Genesis itself halted withdrawals and filed for bankruptcy. After intense internal turmoil and bankruptcy proceedings, it received the green light to commence asset redemption.

The $1.5 billion funds movement spotted by Arkham Intelligence includes 16.6K Bitcoin worth approximately $1.1 billion and 166.3K Ethereum valued at $521.1 million.

BREAKING: GENESIS MOVING $1.5B BTC + ETH FOR CREDITOR REPAYMENTS

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.

BTC: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux
ETH:… pic.twitter.com/5Jtxqx8mxT

— Arkham (@ArkhamIntel) August 2, 2024

This is a developing story, please check back for updates!!

The post Breaking: Genesis Moves $1.5 Bln In BTC and ETH For Creditor Repayment appeared first on CoinGape.

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Filed under: News - @ August 2, 2024 3:18 pm