Genesis Trading moved over $1.5 billion in BTC and ETH this morning, sparking fear of increased sell pressure amongst market participants.
Wallets linked to Genesis Trading, a centralized crypto lending platform which went bankrupt in 2023, moved over 16,000 BTC and 166,000 ETH, according to Arkham Intelligence.
I It’s likely that the funds are being used to repay creditors in the face of Genesis’ bankruptcy, Arkham said.
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#undefined [Source: TheDefiant]