Genesis, the bankrupt crypto lending firm, is on the move again. They’ve reportedly transferred a massive amount of Ethereum (ETH) – nearly $360 million worth – to another wallet.
Blockchain sleuths at Arkham spotted the transfer. They believe the original wallet belongs to Genesis Trading: Bankruptcy Distribution, but the receiving wallet might also be linked to Genesis. However, Arkham isn’t entirely sure about that one.
The big news? A chunk of that ETH – about $13 million worth – was sent to FalconX, a crypto brokerage for big players.
Genesis has been in trouble for a while. They stopped letting people withdraw their money back in November 2022, after the crypto hedge fund Three Arrows Capital went belly up. Genesis officially filed for bankruptcy earlier this year.
The legal drama continues. New York’s Attorney General is suing Genesis, their parent company DCG, and the crypto exchange Gemini, claiming they hid billions of dollars in losses from investors.
Despite the troubles, Genesis is making progress. They’ve reached a settlement with the Attorney General and are starting to give money back to their creditors. They’ve already distributed around $4 billion in digital assets and cash.
It’s still unclear what Genesis plans to do with the remaining Ethereum.
But it’s clear that they’re still actively managing their assets, even in bankruptcy. /p>
