A wallet linked to crypto lender Genesis has transferred 12,600 Bitcoin (BTC) worth approximately $760 million to crypto exchange Coinbase. The funds, tracked by Arkham from the address labeled "Genesis Trading," were moved amid a broader market sell-off over the past month.
On-chain data shows that the wallet’s holdings have shrunk from 46,000 BTC in mid-June to around 33,356 BTC currently.
Genesis received approval to repay $3 billion to creditors
This recent transfer is part of Genesis’s ongoing effort to repay its creditors. Despite the transfer, the amount is not as substantial as the 43,000 BTC dump by the German government or the anticipated $8-$9 billion repayment from Mt.Gox.
Given the wallet still holds over 33,350 BTC worth more than $1.9 billion, sell-off pressure may continue. Genesis has been selling its bitcoins to repay its customers following a court approval in May 2024.
The court approval allowed Genesis Global to distribute $3 billion in cash and crypto to its customers, unlocking assets that had been frozen since November 2022. New York Attorney General Letitia James also announced in May that Genesis reached a settlement to pay $2 billion to customers of its lending program.
Genesis wallet still holds $2.3 billion in digital assets
In addition to Bitcoin, the Genesis Trading wallet holds various digital assets. These include $364 million in Ethereum (ETH), $5.3 million worth of Compound (COMP), and several other assets.
The wallet’s holdings include USDC worth $2.64 million, Tron (TRX) worth $1.92 million, The Sandbox (SAND) worth $1.82 million, and The Graph (GRT) worth $1.74 million. Overall, the wallet contains about $2.34 billion worth of digital assets.
The strategic distribution of these assets highlights Genesis’s efforts to manage its finances and repay its creditors effectively.
