So far, GenesisTrading appears to be operating at least somewhat like normal even as the separate Genesis crypto-lending business navigates bankruptcy court, according to on-chain data. reports
Even as Genesis’ crypto-lending business entered bankruptcy court protection, the company’s trading arm, which remained out of Chapter 11, is still moving money around on blockchains – a sign the business was still running at least somewhat as normal.
A wallet controlled by the Genesis OTC trading desk sent about $125 million of ETH, FTM and USDT to Coinbase, Binance, Bitstamp and Kraken on Thursday, the day of the bankruptcy filing, according to data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USDC.that the Genesis trading business will “continue to operate business as usual.” It’s early, yet, however, so it remains to be seen how the bankruptcy of Genesis’s lending entities will affect the spot and derivatives businesses over the long haul.
“The reputation of Genesis is in the bin,” Charles Storry, head of growth at crypto index platform Phuture, said in an interview with CoinDesk. “Maybe they keep some legacy clients. Maybe. As for introducing new clients, no chance while bankruptcy is in play.”asking users whether they would trade with Genesis after the lending division’s bankruptcy. As of press time, 73.7% of the 938 who responded voted “no.
During the movement of crypto on Thursday, the OTC desk wallet sent 50,000 ETH to Coinbase, 20,000 ETH to Bitstamp and 5,000 ETH to Kraken. It sent an additional 7.7 million FTM worth roughly $2.4 million to Binance and $3.9 million USDT to Kraken, according to Etherscan.data shows, so the Thursday transactions looked basically normal amid the bankruptcy drama., composed of at least eight unique addresses, has a net worth of $307 million as of press time Friday. 74.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Trading Firm Cumberland DRW Disputes Genesis ExposureCrypto trading firm CumberlandSays says DCGco's Gen_Capital, the lender that filed for Chapter 11 bankruptcy protection in the U.S. on Thursday, gave an inaccurately high amount for what it owes Cumberland. JamieCrawleyCD reports
Read more »
Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spreadThe firm is the latest domino to fall amid an ongoing crypto rout, saying it has as much as $10 billion in liabilities.
Read more »
Crypto lender Genesis files for bankruptcy, and bitcoin reclaims $21,000 level: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Aaron Kaplan of Prometheum explains the fallout from Genesis' bankruptcy, and Joe Lau of Alchemy shares details from the company's Q4 2022 report on web3 development.
Read more »
Crypto Lender Genesis Is Preparing to File for Bankruptcy Within DaysBreaking: Crypto lender Genesis Global Capital is preparing to file for bankruptcy within days, people familiar with the matter say
Read more »
Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empireGenesis, the crypto lender owned by DCG, filed for bankruptcy protection, the latest collapse to follow FTX's implosion in November.
Read more »
Genesis' Crypto Lending Businesses Files for Bankruptcy ProtectionThe collapse of FTX in late 2022 was the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.
Read more »