Genesis Trading Transfers 12,000 BTC Worth $720M to Coinbase Amid Bankruptcy Reorganization

Genesis Trading has initiated significant asset liquidations as part of its bankruptcy reorganization. The cryptocurrency firm has transferred a total of 12,000 BTC, valued at approximately $720 million, to Coinbase over the past month. The transfers, which began on June 12, 2024, have increased in frequency, occurring weekly and recently on a daily basis. On July 15, 2024, Genesis Trading sent an additional 600 BTC to Coinbase at 21:49 UTC+8, worth about $37.72 million. Despite these transfers, Genesis Trading still holds $2.43 billion worth of cryptocurrency assets. The activity was reported by ARKHAM.