Suspending withdrawals on November 16 due to the liquidity shortage experienced after FTX’s bankruptcy. cryptocurrency company Genesis filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York last night.
There have been claims that Genesis will go bankrupt for a long time, but Genesis has always denied the bankruptcy claims.
It turned out that Genesis, whose allegations were true and went bankrupt, transferred its cryptocurrencies to other crypto exchanges to its wallets.
Blockchain security platform PeckShieldAlert, stating that Genesis is transferring cryptocurrencies, in a post it made today, Ethereum (ETH), USDC and USDT announced the transfer.
According to PeckShieldAlert’s post, Genesis has launched OTC Desk to crypto exchanges Coinbase, Bitstamp, and Kraken. 75,000 Ethereum and 4 million USDT worth 113.7 million dollars conveyed.
In detail, Genesis 50,000 ETH to Coinbase, 20,000 ETH to Bitstamp and 5,000 ETH to Kraken and 4 million USDT was transmitted.
Genesis also 36 million USDCtransferred it to its new address named “0x81b3…543”.
After Genesis FTX’s bankruptcy, it tried to settle with its creditors or planned to raise $1 billion in emergency financing. However, these plans were not successful.
#PeckShieldAlert ～75k $ETH ($113.7M) and3.9M $USDT transferred from Genesis Trading: OTC Desk to crypto-exchanges Coinbase, Bitstamp and Kraken
~36M $USDC transferred from Genesis Trading: OTC Desk to a new address 0x81b3…543 pic.twitter.com/ngKBnBIyCA
— PeckShieldAlert (@PeckShieldAlert) January 20, 2023
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