Genesis Removed These Cryptocurrencies From Its Wallet Just Before Its Bankruptcy

Genesis, a subsidiary of cryptocurrency company Digital Currency Group, traded large amounts of cryptocurrencies before filing for bankruptcy protection.

Genesis Global filed for bankruptcy protection on January 19. Genesis, the company more than $3.6 billion in total to its 50 largest creditors debtor.

Blockchain data shows that Genesis made large amounts of transactions shortly before filing for bankruptcy.

Etherscan Genesis Trading OTC from the wallet address defined as 50,000 ether (ETH) to Coinbase, 20,000 ether to Bitstamp, 5,000 ether to Kraken and $3.9 million USDT, Binance $7.7 million to Phantom (FTM), a new wallet $36 million USDC to his address sent.

Total value of transactions made, in dollars over $150 million.

Genesis has been hit financially last year by the collapses of both Three Arrows Capital and FTX. The company decided to stop withdrawals on the platform on November 16.

According to the statement made by Genesis, the company gave $ 766 million to Gemini Trust Company, $ 151 million to the crypto money fund Mirana Corp, $ 150 million to the lending platform Babel Finance, $ 53 million to the VanEck New Finance Income Fund, Plutus Lending He owes $30 million to .

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