- From Genesis’ bankruptcy repayment wallet, around $2 million in Ethereum and $11 million in Bitcoin were transferred.
Genesis, the now-bankrupt centralized cryptocurrency lending company, has transferred $13 million in assets to compensate those affected by their collapse, less than two hours after Bitcoin recovered $59,000.
The transfers started six days ago when Genesis Trading transferred $1.5 billion in Bitcoin and Ethereum to a wallet identified by data analysis website Arkham Intelligence as a bankruptcy repayment.
In the past 24 hours, ETH has increased 9.3% to $2580 and BTC has increased 7.5% to $59,600 against sale pressure. With this surge, Bitcoin and Ethereum have almost completely recovered their enormous losses from the previous weekend, when they fell by 27% and 20%, respectively.
When Genesis last began paying back previous customers, on August 2, the price of bitcoin dropped by 6%, from $64,650 to $60,704. The defunct centralized crypto lending platform Genesis, which was originally a part of Barry Silbert’s Digital Currency Group, filed for bankruptcy in 2023 as a result of Three Arrows Capital (3AC) collapsing in 2022. Over $2 billion was owing by 3AC to Genesis, and the latter was left for dead.
As a result of the bankruptcy claim, Genesis was mandated to pay its customer $3 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
