Genesis Trading, implicated in a New York settlement, has transferred over 12,600 Bitcoin to Coinbase in the past month, indicating the start of significant asset liquidations.
A cryptocurrency wallet associated with Genesis Trading has moved nearly $720 million worth of Bitcoin to the Coinbase exchange in the last month, potentially signaling the commencement of asset liquidation.
Over the past 30 days, the Genesis Trading-labeled wallet has transferred more than 12,600 Bitcoin (BTC), valued at $719.9 million, primarily in transactions ranging from 500 to 700 BTC.
As per Arkham Intelligence data, the address currently holds 33,356 Bitcoin, down from over 46,000 BTC a month ago on June 12.
These multi-million dollar Bitcoin transfers follow two months after Letitia James, New York’s Attorney General, announced a settlement with Genesis. The settlement, part of a case involving Genesis‘ Earn program, mandates a $2 billion repayment to defrauded investors and prohibits the firm from operating in New York.
Summary Review: Genesis Trading has moved nearly $720 million worth of Bitcoin to Coinbase in the past month, following a legal settlement with New York that requires the company to pay $2 billion to defrauded investors and ceases its operations in the state. The significant transfers suggest that Genesis is beginning to liquidate its assets.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
