According to data from Arkham Research, wallets connected to Genesis Trading, a crypto lending company owned by Digital Currency Group, transferred over 16,000 Bitcoin (equivalent to $1.1 billion) and 166,000 Ether (valued at $521 million) on Friday.
This suggests that Genesis Trading is preparing to repay its creditors after experiencing a setback in 2022.
This development comes just over a year after Genesis reached an agreement to return $1.5 billion to customers of the cryptocurrency exchange Gemini, who were affected by the collapse of Gemini’s “Earn” crypto credit platform.
Gemini had relied on Genesis to earn yields on deposits from Earn customers, which Genesis had then loaned to the now-bankrupt hedge fund Three Arrows Capital.
