Bankrupt Cryptocurrency Company Made Loads of Transfer From This Altcoin!

Recently, the blockchain data tracker Whale Alert has filed for bankruptcy. cryptocurrency two, which includes credit institution Genesis Gala Games (GALA) altcoin detected the process.

The first of these was 135,000,000 GALA worth $7,432,830 transferred from an unknown wallet to Genesis Trading. A few minutes later, 135,000,000 GALA worth $7,446,465 was transferred from the account marked as Genesis Trading to an unknown wallet.

The reason for the move is not yet known. This may be related to an OTC transaction or redistribution of funds.

🚨 135,000,000 #PREMIERE (7,446,465 USD) transferred from Genesis Trading to unknown wallethttps://t.co/Wj5whyKk50

— Whale Alert (@whale_alert) February 8, 2023

Genesis Was Recently Bankrupt

Digital Currency Group (DCG) plans to sell the crypto trading and lending divisions of its subsidiary Genesis, which was restructured through bankruptcy, a legal representative of Genesis announced that the company has entered into a settlement with creditors.

Last month, Genesis Trading sought bankruptcy protection after suffering debilitating losses as a result of the bankruptcies of FTX and hedge fund Three Arrows Capital.

Funded by brothers Circle and Winklevoss, who manage the USD Coin stablecoin, Gemini is two of Genesis’ biggest clients.

With the bankruptcy of Genesis, the funds of customers of the Earn program of the cryptocurrency exchange Gemini, which uses this platform, were also frozen. It is thought that with the agreement, a solution will be found for this situation.

Gemini co-founder Cameron Winklevoss announced the deal on Twitter:

“Today, @Gemini reached an agreement in principle with Genesis Global Capital, LLC (Genesis), @DCGco, and other creditors on a plan that provides a way for Earn users to get their assets back.”

*Not investment advice.