Genesis’ Trading Unharmed By Sibling’s Bankruptcy
Even as Genesis’ crypto-lending business filed for bankruptcy, the company’s trading arm, which remained out of Chapter 11, was still moving money around on blockchains, indicating that the business was still operating at least somewhat normally.
According to blockchain data compiled by Etherscan, a wallet controlled by the Genesis OTC trading desk sent approximately $125 million in ETH, FTM, and USDT to Coinbase, Binance, Bitstamp, and Kraken on January 19th, the day of the bankruptcy filing. The wallet has transacted several times in the last few hours, receiving nearly $50 million USDC.
The changes are consistent with parent company DCG’s pledge that the Genesis trading business will “continue to operate as usual.” However, it is too early to tell how the bankruptcy of Genesis’ lending entities will affect the spot and derivatives businesses in the long run.
On Thursday, the OTC desk wallet transferred 50,000 ETH to Coinbase, 20,000 ETH to Bitstamp, and 5,000 ETH to Kraken. According to Etherscan, it sent an additional 7.7 million FTM worth approximately $2.4 million to Binance and $3.9 million USDT to Kraken.
According to Nansen.ai data, this wallet typically moves funds on weekdays, so the Thursday transactions appeared to be normal despite the bankruptcy drama.
Genesis’ on-chain portfolio, which includes at least eight unique addresses, was worth $307 million. ETH accounts for 74.7% of Genesis’ portfolio, while the next six tokens – USDC, COMP, SAND, APE, MANA, and AAVE – account for 13.8%.
(With inputs from Shikha Singh)
You need to login in order to Like
