Genesis Trading Distributes $4 Billion in Digital Assets, Including $126.68 Million in ETH, Amid Bankruptcy Restructuring

Aug 2, 2024, 04:41 PM

Genesis Trading has commenced the distribution of approximately $4 billion in digital assets and cash to creditors following the completion of its bankruptcy restructuring. The company moved significant amounts of Bitcoin and Ethereum, including 32,256 BTC valued at $2.12 billion and 256,775 ETH worth $838 million, to multiple addresses over the past three days. This activity is part of the bankruptcy liquidation procedures. The transfers included 16.6K BTC ($1.1 billion) and 166.3K ETH ($521.1 million) in the past hour for in-kind repayments to creditors. Additionally, Genesis transferred 27,500 ETH worth $87.09 million and 12,500 ETH worth $39.59 million, totaling $126.68 million. This large-scale movement of assets has contributed to a decline in cryptocurrency prices, with Bitcoin briefly dropping below $63,000 and Ethereum struggling to stay above $3,500.