Lawyers estimate Genesis' assets at $1.6 billion, of which about $1.4 billion is in GBTC shares, $165 million in Grayscale Ethereum Trust securities and $38 million in Grayscale Ethereum Classic Trust securities.
With the proceeds from the sale of securities, Genesis Global Trading bought 32,041 bitcoins. Arkham Intelligence experts confirmed the transaction by discovering wallets belonging to Genesis.
Genesis Global Trading distributed 32,041 BTC between two addresses. According to Arkham, the first one contains 24,000 BTC, and the second one contains 8,000 BTC. The total value of assets is estimated at $2.17 billion.
Bitcoins are to be distributed to the 232,000 participants in the Gemini Earn investment program affected by the Genesis bankruptcy. Gemini Earn clients were promised returns of up to 13%, but amid the collapse of the FTX cryptocurrency exchange in the fall of 2022, Genesis was forced to freeze client funds.
Previously, Genesis Global Capital fully admitted its guilt and agreed with the final court decision in the suit of the US Securities and Exchange Commission (SEC). The regulator accused Genesis of selling unregistered securities to retail investors through the Gemini Earn crypto lending program.
Source: Bits
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