CandleFocus Genesis creditor already sold 12,100 ETH amid major liquidation
2024-09-26
Author: Content Editor
The largest recipient of the Genesis Trading bankruptcy proceedings has sold off 12,100 Ethereum (ETH) worth $31.43 million in just three days. This comes after receiving a significant repayment from Genesis Trading in August. The creditor, with the wallet address 0x999…46E, received the largest compensation during the Genesis Trading creditor repayments. They have already begun selling a substantial amount of their allocation, transferring ETH to FalconX, a cryptocurrency brokerage firm. This sell-off coincides with ongoing market uncertainties, potentially triggering a trend of selling pressure in the market. Genesis filed for bankruptcy earlier in 2023 and began repaying its creditors last month, distributing around $4 billion in crypto assets.
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