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Genesis Moves $1.5B in BTC, ETH for Creditor Repayment
Bankrupt crypto lender Genesis Global has moved $1.5 billion in Bitcoin and Ethereum for creditor repayment.
Arkham Intelligence, a crypto data analytics platform, disclosed the update, which indicated that the funds were transferred to Ethereum (ETH) and Bitcoin (BTC).
The implosion of the FTX Derivatives Exchange in Q4 2022 had a substantial impact on Genesis Global. Genesis itself ceased withdrawals and filed for insolvency weeks after the FTX bankruptcy. It received authorization to begin asset redemption after bankruptcy proceedings and significant internal turmoil.
The $1.5 billion funds movement observed by Arkham Intelligence comprises 16,6K Bitcoin, valued at approximately $1.1 billion, and 166.3K Ethereum, valued at $521.1 million.
Notably, a transfer of Ethereum valued at over $126 million was detected earlier on Friday. The company transferred 27,500 ETH (equivalent to approximately $87.09 million) to an address with 0xcbCF and an additional 12,500 ETH (equivalent to roughly $39.59 million) to an address that begins with 0x72FE. This also appeared to be a holding for the liquidation procedure.
According to all indications, the repayment procedure may commence soon.
Mt. Gox Repayment
Last month, Mt. Gox also began repaying its creditors; however, a creditor recently complained that they had not received their funds.
After discovering that their Bitcoin claims held on the defunct exchange may become null and void due to the non-response to creditor notifications, certain users on the Mt Gox insolvency subreddit expressed their intention to file a lawsuit.
The poster asserted that he needs to be made aware of the ongoing creditor processes. Regrettably, Mt. Gox has reportedly stated that he has relinquished his right to recover the funds due to a lack of response.