On August 3, cryptocurrency lending company Genesis Global announced that it completed its restructuring process on August 2 and began distributing approximately $4 billion in cryptocurrency and cash to repay holders. in debt.
When it filed for bankruptcy last year, Genesis revealed that it had more than 100,000 creditors and debts of up to $10 billion. The company owes about $3 billion to its top 50 creditors, including cryptocurrency exchange Gemini, asset management firm VanEck, and trading firm Cumberland.
On Medium, Genesis creditors will recover 64% of their claims by repaying in cryptocurrency. Specifically, Bitcoin creditors will recover 51.28% of their BTC , Ethereum and Solana creditors will recover 65.87% of their ETH and 29.58% of their SOL , respectively, while stablecoin or US dollar creditors will recover Get back 100% of lost money.
After the above announcement, Bitcoin price continued to decrease from $62,800 to $60,800. Last night, BTC price also "plunged" from $65,400 to $62,800 after the company moved billions of dollars in Bitcoin and Ethereum.
As Allinstation reported, on August 2, since 20:43 (Vietnam time), Genesis Trading has made many Bitcoin and Ethereum transfers that have caused concern in the cryptocurrency community.
They initially transferred 27,500 ETH to an address starting with 0xcbCF, worth approximately $87.09 million. At the same time, Genesis Trading also transferred 12,500 ETH to the address starting with 0x72FE, worth approximately $39.59 million.
Notably, not long after that, Genesis wallet simultaneously carried out a series of transactions transferring BTC and ETH to other wallets. To date, the total number of coins that Genesis has transferred is 16.6K BTC (equivalent to 1.1 billion USD) and 166,300 ETH (equivalent to 521.1 million USD).
Also Read: Genesis Trading transfers large amounts of Bitcoin and Ethereum, BTC price plummets
In recent months, Genesis Trading has also continuously transferred Bitcoin and Altcoin to the exchange, thereby causing concern in the community.
During June, the company continuously transferred large amounts of Bitcoin to Coinbase, with a total of 9,050 BTC being deposited.
Previously, at the end of May, Genesis Trading's wallet also transferred $33.6 million worth of altcoins into Gemini. The report states that over 30 altcoins were transferred, including:
- 16.4 million GRT (4.69 million USD)
- 396 million Amp (2.94 million USD)
- 123 thousand INJ (2.93 million USD)
- 32 thousand AAVE (2.88 million USD)
- 970 PAXG (2.26 million USD)
- 9.19 million BAT (2.25 million USD)
- and many other altcoins such as CRV, APE, LINK, SUSHI.
Also Read: Genesis has just transferred a large number of Altcoins to the Gemini exchange (allinstation.com)
Genesis, one of the largest cryptocurrency lending companies, suspended withdrawals to customers from November 2022. Then, on January 19, 2023, the company filed for bankruptcy at the Court. Bankruptcy Court for the Southern District of New York.
