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Cryptocurrency News Articles
Genesis Global Transfers 5,000 ETH to FalconX Amidst Bankruptcy Proceedings
Sep 24, 2024 at 10:10 pm
A wallet belonging to the bankrupt crypto lender Genesis Global has transferred 5,000 Ethereum (ETH) worth $13 million to a deposit address belonging to FalconX.
Bankrupt crypto lender Genesis Global’s wallet has transferred 5,000 Ethereum (ETH) valued at $13 million to a deposit address belonging to FalconX, as observed by Arkham Intelligence.
The address, linked to Genesis, also moved 114,503 ETH, valued at $360 million, to an unknown wallet. Interestingly, the Ethereum wallet still contains $424.74 million.
Genesis Global, an affiliate of Barry Silbert’s Digital Currency Group (DCG), faced severe liquidity issues in November 2022, leading to a halt in withdrawals.
The crypto lender’s liquidity problems stemmed largely from the sudden collapse of Three Arrows Capital, a cryptocurrency hedge fund. As a result of these events, the company filed for bankruptcy in early 2023.
The bankruptcy filing marked a significant event in the company’s deteriorating financial situation and sparked a series of legal actions and initiatives to address the fallout from its financialミス.
Last year, New York State Attorney General Letitia James filed a lawsuit against Genesis, Digital Currency Group, and Gemini, alleging that they had concealed substantial losses from investors, initially estimated at $1.1 billion.
However, as the case progressed and more investors came forward, the losses were found to be over $3 billion, highlighting the vast scale of financial mismanagement at these companies.
In a subsequent development, a U.S. bankruptcy court approved Genesis Global’s liquidation plan in May, aiming to repay its creditors approximately $3 billion.
The magnitude of the situation was further evident in the $2 billion settlement reached between the embattled crypto lender and the Attorney General’s office following this ruling.
By August, the troubled lender had started disbursing nearly $4 billion in fiat and digital assets to its creditors. This action, a crucial first step towards a settlement, brought some relief to those impacted by the firm’s prior financial difficulties.
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