{"id":137845,"date":"2024-09-25T10:00:54","date_gmt":"2024-09-25T07:00:54","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137845"},"modified":"2024-09-25T01:36:49","modified_gmt":"2024-09-24T22:36:49","slug":"genesis-moves-360m-in-ethereum-amid-bankruptcy-process","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/genesis-moves-360m-in-ethereum-amid-bankruptcy-process\/","title":{"rendered":"Genesis Moves $360M in Ethereum Amid Bankruptcy Process"},"content":{"rendered":"<p><strong><a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/address\/0x999E77c988C4C1451d3B1c104a6cca7813A9946E\" target=\"_blank\" rel=\"nofollow\">Data<\/a><\/strong> from Arkham, a digital asset tracking platform, revealed that a wallet gathered 114,503 ETH, valued at nearly $360 million, from a Genesis Trading wallet labeled \u201cBankruptcy Distribution.\u201d<\/p>\n<p>Arkham suggests the receiving wallet might also belong to Genesis, though it tagged it with a \u201clower confidence prediction.\u201d Recently, this address transferred 5,000 ETH, worth close to $13 million, to a deposit address associated with FalconX, an institutional crypto brokerage.<\/p>\n<p>The wallet currently holds around $424.74 million in <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/ethereum\/\">Ethereum<\/a><\/strong>.<\/p>\n<p>Genesis, a subsidiary of Barry Silbert\u2019s Digital Currency Group (DCG), paused withdrawals in November 2022 after the collapse of Three Arrows Capital impacted its liquidity. The lender subsequently filed for bankruptcy in 2023.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/here-are-the-main-reasons-why-solana-could-keep-surging\/\" title=\"Here Are the Main Reasons Why Solana Could Keep Surging\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/01\/image1-1-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Here Are the Main Reasons Why Solana Could Keep Surging<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Later, New York Attorney General Letitia James filed a lawsuit accusing DCG, Gemini, and Genesis of hiding $1.1 billion in losses and misleading investors. The lawsuit later expanded, with James alleging losses exceeding $3 billion.<\/p>\n<p>In May, Genesis received court approval to implement a liquidation plan aimed at returning roughly $3 billion to creditors, and the firm agreed to a $2 billion settlement. By August, the company started distributing around $4 billion in assets and cash to creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The insolvent crypto lending platform Genesis appears to have started moving large sums of Ethereum (ETH).<\/p>\n","protected":false},"author":3,"featured_media":48589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[],"class_list":["post-137845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genesis Moves $360M in Ethereum Amid Bankruptcy Process<\/title>\n<meta name=\"description\" content=\"The insolvent crypto lending platform Genesis appears to have started moving large sums of 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