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Breaking: Genesis Moves $1.5 Bln In BTC and ETH For Creditor Repayment

Bankrupt crypto trading firm Genesis has reportedly moved $1.5 billion in Bitcoin and Ethereum in a bid to repay creditors
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Breaking: Genesis Moves $1.5 Bln In BTC and ETH For Creditor Repayment

Highlights

  • Genesis just moved the sum of $1.5 billion in potential creditor repayment move
  • The fund is domiciled in Bitcoin and Ethereum
  • This is a significant move that might end its close to 2-year bankruptcy hurdles

Once bankrupt crypto lending giant Genesis Global has moved the sum of $1.5 billion as in what appears as funds for creditor repayment. Crypto data analytics platform Arkham Intelligence shared the update noting the funds moved are domiciled in Bitcoin (BTC) and Ethereum (ETH).

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Genesis To Do Right by Its Creditors

The implosion of the FTX Derivatives Exchange in Q4 2022 impacted Genesis Global significantly. Weeks after the FTX bankruptcy, Genesis itself halted withdrawals and filed for bankruptcy. It faced some challenges with Winklevoss’ Gemini over their Earn program for users. For context, Gemini used Genesis to receive yields on the customers “Earn” crypto deposits.

Genesis decided to loan the funds to Three Arrows Capital, which later ended up bankrupt. The transaction eventually went sour and Genesis had to repay all the customers of the Gemini Earn program. After intense internal turmoil and bankruptcy proceedings, it received the green light to commence asset redemption.

The $1.5 billion funds movement spotted by Arkham Intelligence includes 16.6K Bitcoin worth approximately $1.1 billion and 166.3K Ethereum valued at $521.1 million.

Noteworthy, a transfer of Ethereum worth more than $126 million showed up earlier on Friday. The company transferred 27,500 ETH (valued at about $87.09 million) to an address beginning with 0xcbCF, and an additional 12,500 ETH (worth roughly $39.59 million) to another starting with 0x72FE. This also looked like a holding for the liquidation process.

From all indications, the repayment process may commence as soon as possible.

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Mt Gox Creditor to File Lawsuit

Mt Gox also commenced repayment of its creditors last month but recently, a creditor complained about not receiving his funds.

On the Mt Gox insolvency subreddit, some users detailed their intention to file a lawsuit after discovering that their claims for Bitcoin held on the defunct exchange might become void due to non-response to creditor notifications.

The poster claimed he is unaware of the ongoing creditor processes. Unfortunately, Mt Gox reportedly said that he has waived his right to recover the funds due to a lack of response.

Read More: Peter Schiff Warns US Recession; Predicts Inflation Spike Ahead 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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