PANews reported on August 2 that according to Lookonchain statistics, Genesis Trading has transferred 32,256 BTC (US$2.12 billion) and 256,775 ETH (US$838 million) to multiple addresses in the past three days, and may be undergoing bankruptcy proceedings to repay debts.

Genesis Trading transferred 13,291 BTC ($830.7 million) to Coinbase between June 12 and July 15, during which time the price of BTC fell from $68,000 to $55,800, a drop of nearly 18%.