A wallet linked to the crypto lender Genesis has transferred 12,600 Bitcoin (BTC), valued at approximately $760 million, to the crypto exchange Coinbase. On-chain data tracked by Arkham shows that the address labeled “Genesis Trading” moved the funds amid a broader market sell-off observed over the past month. The wallet’s holdings have decreased from 46,000 BTC in mid-June to around 33,356 BTC currently.

Genesis’s Repayment Plan

Genesis received approval to repay $3 billion to creditors. Although this amount is not as significant as the over 43,000 BTC already released by the German government, or the anticipated $8-$9 billion that Mt. Gox plans to distribute to its customers, it still represents a substantial sum. Given that the wallet still holds more than 33,350 BTC, worth over $1.9 billion, it’s likely that sell-off pressure will continue as Genesis sells its bitcoins to repay its customers.

The company received court approval in May 2024 to proceed with repaying its customers following bankruptcy proceedings. This approval allowed Genesis Global to distribute $3 billion in cash and crypto to its customers, unlocking assets that had been frozen since November 2022. Genesis seems to be selling these assets, including Bitcoin, to fulfill its repayment obligations.

Settlement with New York Attorney General

In May, New York Attorney General Letitia James announced that Genesis had reached a settlement to pay $2 billion to customers of its lending program. This settlement is part of Genesis’s efforts to address its financial obligations and continue operations.

Genesis Wallet Holdings

Besides Bitcoin, the Genesis Trading wallet holds other digital assets. These include $364 million in Ethereum (ETH) and $5.3 million worth of Compound (COMP). Additionally, the wallet contains $2.64 million in USDC, $1.92 million in Tron (TRX), $1.82 million in The Sandbox (SAND), and $1.74 million in The Graph (GRT). Altogether, the wallet still holds about $2.34 billion worth of digital assets.

Stay informed on the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.

Post Views: 8