Crypto News

Genesis Trading Initiates Asset Deposit To Gemini Following Bankruptcy Declaration

In a significant development in the cryptocurrency landscape, the bankrupt crypto lender Genesis Trading has recently initiated a deposit of $36.45M worth of 34 crypto assets to Gemini, one of the prominent cryptocurrency exchanges.

Among the top five assets deposited are 16.4M GRT ($4.83M), 123K INJ ($2.95M), 396M AMP ($2.93M), 32.3K AAVE ($2.43M), and 5.56M MANA ($2.43M).

The timing of this deposit coincides with Gemini’s anticipation of the user fund settlement to take effect on May 4, 2024. This settlement is expected to include initial distributions, comprising approximately 97% of owed digital assets as of November 16, 2022.

The process is likely to be completed by early June, marking a significant step towards resolving the aftermath of Genesis Trading’s bankruptcy declaration.

Genesis Still Holds $2.41B Of Crypto Assets 

Despite the bankruptcy proceedings, Genesis Trading still holds a substantial amount of assets, totaling $2.41B, across various cryptocurrencies. This includes 32,041 BTC ($2.01B) and 125,104 ETH ($380M), highlighting the scale and impact of the company’s operations in the crypto space.

The decision to deposit assets to Gemini underscores the ongoing efforts to manage and address the implications of Genesis Trading’s bankruptcy.

As stakeholders closely monitor the developments surrounding the user fund settlement and asset distribution, the cryptocurrency community remains vigilant about the potential implications for market dynamics and investor sentiment.

This latest development serves as a reminder of the complexities and challenges inherent in the cryptocurrency ecosystem, as market participants navigate the intersection of financial innovation and regulatory oversight.

Moving forward, the resolution of Genesis Trading’s bankruptcy is expected to provide insights into the resilience and adaptability of the crypto industry in the face of adversity.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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