Even as Genesis’ crypto-lending business entered bankruptcy court protection, the company’s trading arm, which remained out of Chapter 11, is still moving money around on blockchains – a sign the business was still running at least somewhat as normal.
A wallet controlled by the Genesis OTC trading desk sent about $125 million of ETH, FTM and USDT to Coinbase, Binance, Bitstamp and Kraken on Thursday, the day of the bankruptcy filing, according to data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USDC.that the Genesis trading business will “continue to operate business as usual.” It’s early, yet, however, so it remains to be seen how the bankruptcy of Genesis’s lending entities will affect the spot and derivatives businesses over the long haul.
“The reputation of Genesis is in the bin,” Charles Storry, head of growth at crypto index platform Phuture, said in an interview with CoinDesk. “Maybe they keep some legacy clients. Maybe. As for introducing new clients, no chance while bankruptcy is in play.”asking users whether they would trade with Genesis after the lending division’s bankruptcy. As of press time, 73.7% of the 938 who responded voted “no.
During the movement of crypto on Thursday, the OTC desk wallet sent 50,000 ETH to Coinbase, 20,000 ETH to Bitstamp and 5,000 ETH to Kraken. It sent an additional 7.7 million FTM worth roughly $2.4 million to Binance and $3.9 million USDT to Kraken, according to Etherscan.data shows, so the Thursday transactions looked basically normal amid the bankruptcy drama., composed of at least eight unique addresses, has a net worth of $307 million as of press time Friday. 74.
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