Bankrupt Crypto Company Coin is Flooding Bitcoin on Base: Another Huge Transfer!

Bankrupt crypto lending platform Genesis sent 600 Bitcoins to Coin,base as part of the bankruptcy process.

According to data from on-chain data platform Arkham Intelligence, Genesis Trading transferred 600 Bitcoins (BTC), worth approximately $37.72 million, to Coinbase, the largest cryptocurrency exchange in the USA, on Sunday evening hours.

With the latest transfer, Genesis Trading has transferred more than 12,000 BTC to Coinbase within a month. There are doubts that the company is carrying out bankruptcy liquidation processes.

According to Arkham data, Genesis Trading currently has assets worth $2.43 billion. The assets in question include 32,256 BTC and 113,604 ETH.

On the other hand, the wallets contain Compound (COMP) worth $ 5.78 million, The Graph (GRT) worth $ 2 million and The Sandbox (SAND) worth $ 1.97 million. The wallet also contains many other altcoins.

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