The post Genesis Transfers $1.5B in BTC and ETH to Likely Repay Creditors appeared on BitcoinEthereumNews.com.

Around 16.6K Bitcoin and 166.3K Ethereum make up the $1.5 billion funds. Notably, earlier on Friday, a transfer of almost $126 million worth of Ethereum appeared. The crypto lending behemoth Genesis Global, which had previously declared bankruptcy, has reportedly transferred $1.5 billion to repay creditors. Noting that the transferred money is held in Bitcoin (BTC) and Ethereum (ETH), the crypto data analytics portal Arkham Intelligence revealed the update. Genesis Global was badly affected by the FTX Derivatives Exchange’s collapse in the fourth quarter of 2022. Genesis also declared bankruptcy and stopped withdrawals a few weeks after FTX did. It had disagreements with Winklevoss’s Gemini over the latter’s Earn user program. To put that in perspective, Gemini received yields on the “Earn” cryptocurrency deposits made by consumers via Genesis. Repayment Likely on the Cards Three Arrows Capital, to whom Genesis had extended the loan, went insolvent after receiving the money. All of the Gemini Earn program participants had to get their money back when the deal went south. It was finally cleared to begin asset redemption after a long period of internal instability and bankruptcy. 16.6K Bitcoin, worth around $1.1 billion, and 166.3K Ethereum, valued at $521.1 million, make up the $1.5 billion funds movement identified by Arkham Intelligence. Notably, earlier on Friday, a transfer of almost $126 million worth of Ethereum appeared. An address starting with 0xcbCF received 27,500 ETH (about $87.09 million) from the business, while another address beginning with 0x72FE received 12,500 ETH (approximately $39.59 million). Additionally, this seemed to be a holding for the purpose of liquidation. Everything points to the payback process starting shortly. Furthermore, last month Mt. Gox began repaying its debtors. The ongoing repayment and various government sell-offs have triggered market volatility with Bitcoin price plummeting below $63,000 recently. Highlighted Crypto News Today: Bitcoin…

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Filed under: News - @ August 3, 2024 3:34 am