According to TechFlow, Arkham monitoring shows that the address marked as "Genesis Trading" has transferred 12,000 bitcoins to Coinbase in the past month, with a total value of about $760 million, and is suspected of being in bankruptcy liquidation procedures. Currently, the address still holds about 33,000 bitcoins, worth about $1.9 billion.

Genesis Trading is a subsidiary of the crypto lending platform Genesis Global, responsible for crypto trading business. Genesis Global filed for bankruptcy protection in January 2023, and was approved in legal documents in May to liquidate and distribute assets according to the bankruptcy reorganization plan, and is expected to exit bankruptcy proceedings in July.