Yahya 
Data from the digital asset tracking platform Arkham indicated a significant movement of 114,502 ETH, valued at nearly $360 million from a Genesis Trading wallet titled “Bankruptcy Distribution.” Though it highlighted the connection with a “lower confidence prediction,” Arkham suspected the receiving wallet might also belong to Genesis. Value around $13 million, this wallet just deposited 5,000 ETH to a deposit address linked to FalconX, a bitcoin broker serving institutional clients.
Now carrying over $424.74 million in Ethereum, the wallet reflects a significant portion of Genesis’s ongoing asset management connected to bankruptcy. Liquidity issues caused Genesis, a branch of Digital Currency Group (DCG), to halt withdrawals in November 2022 after Three Arrow Capital collapsed. 2023 the lending platform filed for bankruptcy.
Allegations now included losses more than $3 billion; the corporation has been caught in a lawsuit brought by New York Attorney General Letitia James, claiming Genesis, DCG, and Gemini of hiding $1.1 billion in losses and misleading investors.
In May 2023 Genesis received court approval for a liquidation plan intended to reimburse creditors approximately $3 billion. Furthermore agreed to by the company was a $2 billion compensation. By August, it began providing creditors with assets and money worth $4 billion, so continuing its efforts to resolve the bankruptcy procedures.
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