Gemini

Bitcoin

Arkham

A cryptocurrency wallet associated with Genesis Trading has transferred nearly $720 million worth of Bitcoin to the Coinbase exchange during the past month, pointing to the potential start of asset liquidations.
The Genesis Trading-labeled wallet has transferred over 12,600 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;worth around $719.9 million during the past 30 days, mainly in transactions of 500 to 700 BTC.
The address currently holds 33,356 Bitcoin, down from over 46,000 BTC a month ago, on June 12, <a href="https://platform.arkhamintelligence.com/explorer/entity/genesis-trading" target="_blank" rel="noopener nofollow">according</a> to Arkham Intelligence data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f602f762-8280-41a0-a074-488266b0e457.png" alt="Genesis-labelled address moves $720M BTC to Coinbase, pointing to start of asset liquidations " title="">
 <figcaption style="text-align: center;">
 Genesis Trading wallet, token balance and outflows. Source: Arkham Intelligence
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The multimillion-dollar Bitcoin transfers come two months after Letitia James, the attorney general for the State of New York, announced that her office <a href="https://cointelegraph.com/news/new-york-settlement-genesis-fraud">reached a settlement with Genesis</a>&nbsp;requiring the firm to pay $2 billion to defrauded investors involved in its Earn program.
The settlement requires the funds to be returned to Genesis investors and bans the company from operating in New York.
Related: <a href="https://cointelegraph.com/news/crypto-holders-triple-2026-lunu-ceo">Crypto holders predicted to triple by 2026, says Lunu CEO</a>
<h2 data-ct-non-breakable="true" id="genesis-traders-could-be-made-whole">Genesis traders could be made whole</h2>
The Genesis Trading-labelled address could be preparing to start repaying users based on the amount of assets and recent transfers to Coinbase.
The wallet currently holds a total of $2.28 billion worth of cryptocurrency, with $1.91 billion of Bitcoin as its biggest holding, followed by $364 million worth of Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>).
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/cc349549-e6ed-458a-b5d2-becf3ddff7ea.png" alt="Genesis-labelled address moves $720M BTC to Coinbase, pointing to start of asset liquidations " title="">
 <figcaption style="text-align: center;">
 Genesis Trading wallet, token balance history. Source: Arkham Intelligence
 </figcaption>
</figure>
The amount surpasses the $2 billion in digital assets that the platform was ordered to pay to the defrauded investors of its Earn program.
On June 14, The New York Attorney General’s office announced that it had recovered more than <a href="https://cointelegraph.com/news/gemini-new-york-earn-settlement-investors">$50 million from Gemini</a> which will be returned to investors in the exchange’s Earn program.
The settlement banned Gemini from operating any cryptocurrency lending program in New York state, and James <a href="https://x.com/NewYorkStateAG/status/1801673233889972644" target="_blank" rel="noopener nofollow">said</a> on X that “everyone that Gemini deceived will get their money back.” Gemini Trust <a href="https://x.com/GeminiTrustCo/status/1801656765622231363" target="_blank" rel="noopener nofollow">said</a> that affected Earn users could expect “100% of the assets owed to them” within seven days.
Related: <a href="https://cointelegraph.com/news/ecb-explores-blockchain-mpc-technology">European Central Bank is exploring blockchain and MPC technology</a>
<h2 data-ct-non-breakable="true" id="the-genesis-saga">The Genesis saga</h2>
The New York Attorney General’s (NYAG) office <a href="https://cointelegraph.com/news/gemini-genesis-dgc-sued-by-new-york-attorney-general-for-allegedly-defrauding-investors">filed its lawsuit against Genesis</a> in October 2023, later expanding it to include the Digital Currency Group, its CEO Barry Silbert and former Genesis CEO Soichiro Moro. 
The lawsuit alleged that Gemini had defrauded 230,000 investors — including New York residents — through its Earn program with Genesis Global Capital and failed to disclose its risks.
The NYAG also filed a lawsuit against former Celsius CEO Alex Mashinsky for <a href="https://cointelegraph.com/news/ny-ag-files-lawsuit-against-alex-mashinsky-alleging-he-hid-celsius-dire-financial-condition">allegedly hiding the platform’s</a> “dire financial condition.” Mashinsky currently faces criminal charges in the US District Court for the Southern District of New York related to securities fraud, wire fraud and conspiracy to commit fraud and is expected to go to trial in January 2025.
Magazine: <a href="https://cointelegraph.com/magazine/2500-film-about-ftx-collapse-amazon-prime-with-help-from-mom/">The $2,500 doco about FTX collapse on Amazon Prime… with help from mom</a>

Genesis-labelled address moves $720M BTC to Coinbase, pointing to start of asset liquidations

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Cointelegraph

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