- Genesis, a crypto-lending business went to Bankruptcy court protection on Thursday, the firm’s trading arm, which was all-time out of Chapter 11, is even now moving funds over on blockchains, an indication the business was till now going through at the minimum a bit as normal.
A wallet dominated by the Genesis OTC trading desk gave almost $125 million of Ethereum, FTM, and tether to Coinbase, Bitstamp, and Kraken on January 19, that very day when the company went for the bankruptcy filing, as per the blockchain data assembled by Etherscan. In the last few hours, the wallet was conducted many more times, getting about $50 million USDC.
The steps go with the parent company Digital Currency Group’s guarantee that the Genesis trading business will “carry on to function business as normal.” It is too soon yet, although so it becomes to be witnessed how the bankruptcy of Genesis’s lending bodies will influence the spot and derivatives business in the long drag.
“The fame of Genesis is in the bag,” Charles Storry, the head of development at crypto index forum Phuture, revealed in an interview with a reliable media source. “Possibly they maintain some patrimony customers, possibly. As for launching new customers, no chance while bankruptcy is in the role.”
Frank Chaparro, a renowned journalist, posted a poll on Twitter asking clients if they will trade with Genesis after the lending firm’s bankruptcy. At the time of writing, 73.7% of the 938 gave their answer as “no.”
At the time of the movement of crypto on January 19, the OTC desk wallet gave 50,000 Ethereum to Coinbase, 20,000 Ethereum to Bitstamp as well as 5,000 Ethereum to Kraken. It gave an extra 7.7 million FTM of the value of about $3.9 million USDT to Kraken, as per the reports of Etherscan.
This specific wallet basically moves money on weekdays, as Nansen.ai data represents, so the Thursday transaction seemed typically normal in between the bankruptcy drama.
The on-chain portfolio of Genesis, comprised of about eight new addresses has a total value of $307 million. 74.7% of the portfolio of Genesis is Ethereum, at the same time, the next six tokens are USDC, COMP, SAND, APE, MANA, and AAVE which made up about 13.8% of the total portfolio.
This data is most possibly a traditionalist calculation of Genesis’ total holdings. DarkFi.eth, a white hat who took and subsequently gave back about $2 million from the Nomad bridge attack in August 2022.
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