A cryptocurrency wallet linked to Genesis Trading has transferred nearly $720 million worth of Bitcoin to Coinbase over the past month, indicating possible asset liquidations.
The wallet, associated with Genesis Trading, moved over 12,600 Bitcoin, valued at around $719.9 million, in the last 30 days.
These transfers mostly ranged from 500 to 700 BTC each.
According to Arkham Intelligence, the wallet’s Bitcoin balance has decreased from over 46,000 BTC a month ago to 33,356 BTC as of now.
These significant transfers occurred two months after Letitia James, the attorney general of New York, announced a settlement with Genesis.
The agreement requires Genesis to pay $2 billion to defrauded investors involved in its Earn program. The settlement also prohibits Genesis from operating in New York.
The recent transfers suggest that the Genesis Trading-labeled wallet might be preparing to repay users, given the amount of assets and the moves to Coinbase.
The wallet currently holds $2.28 billion in cryptocurrency, with Bitcoin making up $1.91 billion, followed by $364 million in Ether.
This amount exceeds the $2 billion that Genesis was ordered to pay to defrauded investors in its Earn program.
On June 14, the New York Attorney General’s office announced the recovery of over $50 million from Gemini, which will be returned to investors in its Earn program.
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The settlement also banned Gemini from operating any cryptocurrency lending program in New York.
James stated on X that “everyone that Gemini deceived will get their money back.” Gemini Trust assured that affected Earn users would receive “100% of the assets owed to them” within seven days.
The New York Attorney General’s office filed its lawsuit against Genesis in October 2023, later including the Digital Currency Group, its CEO Barry Silbert, and former Genesis CEO Soichiro Moro.
The lawsuit claimed Gemini defrauded 230,000 investors, including New Yorkers, through its Earn program with Genesis Global Capital and failed to disclose the associated risks.
Additionally, the NYAG filed a lawsuit against former Celsius CEO Alex Mashinsky for allegedly concealing the platform’s financial troubles.
Mashinsky faces criminal charges related to securities fraud, wire fraud, and conspiracy to commit fraud and is set to go to trial in January 2025.
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