Wallet Linked to Genesis Transfers $720M of Bitcoin to Coinbase, Signaling Potential Liquidations
A cryptocurrency wallet associated with Genesis Trading has transferred approximately $720 million worth of Bitcoin to the Coinbase exchange over the past month, pointing to potential liquidations.
The wallet has moved more than 12,600 Bitcoin, equivalent to approximately $719.9 million, in the last 30 days, according to data from Arkham Intelligence.
Notably, these transactions predominantly involved transfers of 500 to 700 BTC.
The wallet bearing the Genesis Trading label has a standing balance of 33,356 Bitcoin, which represents a significant decrease from its holdings of over 46,000 BTC a month ago on June 12.
The timing of these multimillion-dollar Bitcoin transfers comes two months after Letitia James, the attorney general for the State of New York, announced a settlement with Genesis Trading.
The settlement required Genesis to pay $2 billion to defrauded investors involved in its Earn program.
The agreement also mandated the return of funds to Genesis investors and imposed a ban on the company’s operations in New York.
Given the amount of assets in the Genesis Trading-labeled wallet and its recent transfers to Coinbase, it is plausible to assume that the wallet is preparing to fulfill its obligations by repaying users affected by the settlement.
Currently, the wallet holds a total of $2.28 billion worth of cryptocurrency, with Bitcoin accounting for $1.91 billion of its holdings.
Ether follows as the second-largest holding, valued at $364 million.
All the attention has been on the Germans but looks like Genesis is also selling a large chunk of BTC?
Started with 46k BTC (close in size to Germans) and now at 33k, moving assets to Coinbase consistently over the past month. pic.twitter.com/srNpjZSJSJ
— mhonkasalo (@mhonkasalo)
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