Genesis, which has recently created significant selling pressure on the market with thousands of Bitcoin transfers, but continues to make payments within the scope of bankruptcy management, sent 40,000 Ether to two separate addresses in the early morning hours.

It is currently unknown which companies or institutions the ETHs, which are divided into 27,500 and 12,500, were sent to. The total value of the transferred ETHs is approximately $125 million.

As it will be remembered, Genesis, which went bankrupt at the beginning of 2023 due to the FTX-induced crisis, reached an agreement with the New York court in May (2024) on payments. The company was ordered to pay $ 2 billion under the Earn programme.

$1.3 billion GBTC was sold

As it will be remembered, Genesis went bankrupt due to the Earn programme implemented in partnership with the Gemini exchange. The biggest creditor of Genesis, a subsidiary of Digital Currency Group, was also the Gemini exchange.
Genesis, which started selling GBTC shares with the approval of Bitcoin spot ETFs in the US at the beginning of 2024, sold GBTC worth $1.3 billion only at that time. This situation again created a sharp selling pressure on the crypto market.
The company sold $800 million worth of Bitcoin in June and July.