By data analytical company Arkham Intelligence, on August 2, as part of payments for the liquidation of Genesis Trading, the lender received 114,502 ETH, which at that time was valued at $358.19 million. On September 23, the owner of crypto assets began to sell off his ether, transferring it to the cryptocurrency brokerage company FalconX.
The largest transaction occurred on September 25 – the user transferred 7,099 ETH in the amount of $18.56 million. Despite this sale, the ETH rate was able to remain above the $2,600 level.
Genesis Trading, a subsidiary of Digital Currency Group, filed for bankruptcy in early 2023 after a series of financial problems. As part of the bankruptcy procedure in August 2024, Genesis Trading began paying money to creditors, distributing about $4 billion in crypto assets among the victims.
At the beginning of the year, New York prosecutors entered into a settlement agreement with Genesis Global Trading. The crypto company agreed to pay an $8 million fine for violating the Bank Secrecy Act and anti-money laundering requirements through cryptocurrencies.
Source: Bits
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