{"id":83985,"date":"2024-07-12T11:19:14","date_gmt":"2024-07-12T15:19:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83985"},"modified":"2024-07-12T11:19:17","modified_gmt":"2024-07-12T15:19:17","slug":"genesis-linked-address-transfers-720m-btc-to-coinbase","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/genesis-linked-address-transfers-720m-btc-to-coinbase\/","title":{"rendered":"Genesis-linked Address Transfers $720M BTC to Coinbase"},"content":{"rendered":"\n

In the past month, a crypto wallet associated with Genesis Trading has transferred nearly $720M in BTC to the Coinbase exchange, suggesting the potential initiation of asset liquidations<\/a>.<\/p>\n\n\n\n

\"Genesis-linked
Genesis-linked Address Transfers $720M BTC to Coinbase<\/figcaption><\/figure>\n\n\n\n

During the past 30 days, the Genesis Trading-labeled wallet has transferred over 12,600 Bitcoin BTC, equivalent to approximately $719.9 million. The majority of these transactions were between 500 and 700 BTC.<\/p>\n\n\n\n

Arkham Intelligence data indicates that the address presently contains 33,356 Bitcoin, a decrease from the 46,000 BTC held a month ago on June 12.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The multimillion-dollar Bitcoin transfers occurred two months after Letitia James, the attorney general for the State of New York, announced that her office had reached a settlement with Genesis under which the firm was required to pay $2 billion to defrauded investors involved in its Earn program.<\/p>\n\n\n\n

The settlement necessitates returning the funds to Genesis investors and prohibits the company from conducting business in New York.<\/p>\n\n\n\n

It is feasible to compensate Genesis traders.<\/h2>\n\n\n\n

Depending on the quantity of assets and recent transfers to Coinbase, the Genesis Trading-branded address may be preparing to begin repaying users.<\/p>\n\n\n\n

The wallet presently maintains $2.28 billion in cryptocurrency, with Bitcoin representing the most significant holding at $1.91 billion and Ether at $364 million.<\/p>\n\n\n\n

\"Genesis
Genesis Trading wallet, token balance history. Source: Arkham Intelligence\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

The amount exceeds the $2 billion in digital assets that the platform was required to reimburse the defrauded investors of its Earn program.<\/p>\n\n\n\n

Gemini's Earn program investors will receive over $50 million in compensation from the New York Attorney General's office on June 14.<\/p>\n\n\n\n

James stated on X that “everyone that Gemini deceived will get their money back,” and the settlement prohibited Gemini from operating any cryptocurrency lending program in New York state. Gemini Trust stated that the impacted Earn users could anticipate receiving “100% of the assets owed to them” within the next seven days.<\/p>\n\n\n\n

Genesis Lawsuit<\/h2>\n\n\n\n

The lawsuit against Genesis was initially filed by the New York Attorney General's (NYAG) office in October 2023. Subsequently, the NYAG expanded the lawsuit to encompass the Digital Currency Group, its CEO Barry Silbert, and erstwhile Genesis CEO Soichiro Moro.<\/p>\n\n\n\n

According to the lawsuit, Gemini had neglected to disclose the risks associated with its Earn program with Genesis Global Capital<\/a>, which allegedly defrauded 230,000 investors, including New York residents.<\/p>\n\n\n\n

The NYAG also filed a lawsuit against former CEO Alex Mashinsky of Celsius for allegedly concealing the platform's “dire financial condition.” Currently, Mashinsky is facing criminal charges in the US District Court for the Southern District of New York for securities fraud, wire fraud, and conspiracy to perpetrate fraud. He is anticipated to begin his trial in January 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the past month, a crypto wallet associated with Genesis Trading has transferred nearly $720M in BTC to the Coinbase exchange, suggesting the potential initiation of asset liquidations. During the past 30 days, the Genesis Trading-labeled wallet has transferred over 12,600 Bitcoin BTC, equivalent to approximately $719.9 million. The majority of these transactions were between […]<\/p>\n","protected":false},"author":12,"featured_media":83999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[149,150,4662,353],"class_list":["post-83985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-btc","tag-coinbase","tag-genesis","tag-wallet"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/image-55.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83985"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83999"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}