TechFlow reports, according to Arkham monitoring, an address labeled "Genesis Trading" has transferred a total of 12,000 bitcoins to Coinbase over the past month, worth approximately $760 million, apparently carrying out bankruptcy liquidation procedures. The address currently still holds around 33,000 bitcoins, valued at about $1.9 billion.
Genesis Trading is a subsidiary of cryptocurrency lending platform Genesis Global, responsible for its crypto trading operations. Genesis Global filed for bankruptcy protection in January 2023 and was granted court approval in May to liquidate and distribute assets under its restructuring plan, with an expected exit from bankruptcy proceedings by July.
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