Genesis Transfers Ethereum, USDT, USDC Worth Millions Amid Bankruptcy

Genesis Trading’s lending business Genesis Global Capital filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. Amid the bankruptcy filing, Genesis Trading is actively transferring crypto assets to other crypto exchanges and wallets.

In the middle of filing for bankruptcy, Genesis Trading actively transfers crypto assets to other stocks and crypto portfolios.

Genesis is transferring crypto assets.Secure platform Blockchain PeckShield.

Genesis trading transferred 75k ethereum (eth) valued at 113.7 million dollars and 4 million usdt from its OTC office to cryptocurrency, bitstamp, and kraken exchanges. 50k eth was moved to the monetary base, 20k eth to bitstamp, and 5k eth and 4 millions usdt to kraken.

Also, it moved 36 million usdc to the new address 0x81b3...543. Massive transfers were also recorded by the whale warning platform.

Crypto Twitter reacted to the transfers made by Genesis Trading amid the bankruptcy filing by its lending business Genesis Global Capital. Some believe the business is in the process of liquidating assets in anticipation of repayment of creditors' claims.

In nansen's view, Genesis's most significant transactions over the past 30 days include net deposits of $51.9 million, $43.7 million in net Kraken withdrawals is $28.7 million, The net bitstamp deposits, Twenty-nine million dollars in net okx withdrawals, and $10.8 million usdt and $7 million usdc BINANCE withdrawals.

Genesis’ bankruptcy was likely predicted by several experts as parent firm Digital Currency Group and founder Barry Silbert failed to reach negotiations with creditors. It also provided for a billion dollars in emergency funds.

It also provided for a billion dollars in emergency funds.

The crypto contagion of segregated investors from making further investments in society.

After Genesis filed for Chapter 11 bankruptcy, Gemini co-founder Cameron Winklevoss said it will continue with its decision to take legal action against Digital Currency Group, founder Barry Silbert, and others for recovering customer funds.

Following Genesis filed for the bankruptcy of chapter 11, gemini co-founder Cameron Winklevoss has stated that he will continue with his decision to take legal measures against the digital currency group, founder Barry Flintstone, and others to get the client's money back. After chapter 11 went out of business, Gemini co-founder Cameron Winklevoss said he will continue to take legal action against the Digital Currency Group, creator Barry Silbert, and others to get the client's money back.

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