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A wallet linked to crypto lender Genesis has transferred 12,600 Bitcoin (BTC) worth approximately $760 million to crypto exchange Coinbase. 
<a href="https://platform.arkhamintelligence.com/explorer/entity/genesis-trading" target="_blank" rel="">On-chain data</a> tracked by Arkham shows the addressed labeled “Genesis Trading” moved the funds to the exchange amid the broader market sell-off witnessed over the past month. The wallet’s holdings have shrunk from 46,000 BTC in mid-June, and currently has around 33,356 BTC. 
<h2 class="wp-block-heading" id="genesis-received-approval-to-repay-3-billion-to-creditors">Genesis received approval to repay $3 billion to creditors</h2> 
This amount is not as much as the <a href="https://crypto.news/germanys-btc-selling-nears-an-end-with-only-4925-bitcoin-left-to-transfer/">over 43,000 BTC dump</a> that the German government has so far hit the market with. It’s also meager compared to the anticipated $8-$9 billion that Mt.Gox anticipates to distribute to customers. 
However, given the wallet still holds more than 33,350 BTC worth over $1.9 billion, its likely sell-off pressure will continue as Genesis sells its bitcoins to repay its customers. 
The company <a href="https://crypto.news/genesis-global-can-distribute-billions-to-creditors/">received a court approval</a> in May 2024 to proceed with the repayment of its customers following bankruptcy proceedings. 
The approval allowed Genesis Global to distribute $3 billion in cash and crypto to its customers, a move that saw assets frozen since November 2022 unlocked. Genesis appears to have been selling these assets, including Bitcoin to repay creditors. 
New York Attorney General Letitia James also <a href="https://crypto.news/new-york-attorney-general-concludes-2b-genesis-settlement/">announced</a> in May that Genesis had reached a settlement and would pay $2 billion to customers of its lending program. 
<h2 class="wp-block-heading" id="genesis-wallet-still-holds-2-3-billion-in-digital-assets">Genesis wallet still holds $2.3 billion in digital assets</h2> 
Other than Bitcoin, the Genesis Trading wallet holds other digital assets such as $364 million in Ethereum (ETH) and $5.3 million worth of Compound (COMP). 
The wallet also holds USDC worth $2.64 million, Tron (TRX) worth $1.92 million, The Sandbox (SAND) worth $1.82 million and The Graph (GRT) worth $1.74 million at the time of writing. 
In total, the wallet still holds about $2.34 billion worth of digital assets.

Genesis moves $760m BTC to Coinbase amid sell-off

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