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.
Blockchain security platform PeckShieldAlert in a tweet on January 20 disclosed several millions of crypto assets transferred by Genesis Trading.
Genesis Trading transferred 75k Ethereum (ETH) worth $113.7 million and 4 million USDT from its OTC Desk to crypto exchanges Coinbase, Bitstamp, and Kraken. 50k ETH was transferred to Coinbase, 20k ETH to Bitstamp, and 5k ETH and 4 million USDT to Kraken.
(By Varinder Singh)