Wu said that he learned that the address marked as "Genesis Trading" by Arkham has transferred a total of 12,000 BTC to Coinbase in the past month, worth about US$760 million. It is suspected to be in the process of bankruptcy liquidation and currently still holds about 33,000 BTC, worth US$1.9 billion. Genesis Trading is a subsidiary of the crypto lending platform Genesis Global responsible for crypto trading. The latter filed for bankruptcy protection in January 2023. According to legal documents in May, Genesis Global was approved to liquidate and distribute assets according to its bankruptcy reorganization plan, and is expected to exit bankruptcy proceedings in July.