EddieJayonCrypto
5 Feb 24
Bankrupt cryptocurrency lender Genesis has filed a motion to sell over $1.6B in trust assets to the U.S. Bankruptcy Court in the Southern District of New York, including $1.4B worth of Grayscale Bitcoin Trust (GBTC), $165M of Grayscale Ethereum Trust (ETHE) and $38M worth of Grayscale Ethereum Class...
Bankrupt cryptocurrency lender Genesis has filed a motion to sell over $1.6B in trust assets to the U.S. Bankruptcy Court in the Southern District of New York, including $1.4B worth of Grayscale Bitcoin Trust (GBTC), $165M of Grayscale Ethereum Trust (ETHE) and $38M worth of Grayscale Ethereum Classic Trust (ETCG). The potential approval of this move could result in selling pressure on cryptocurrency prices, as evidenced by the recent drop in the price of bitcoin (BTC-USD) after a bankrupt crypto exchange sold over $1B worth of GBTC holdings. Genesis is also seeking the claim of an additional 31M GBTC shares pledged to its biggest creditor, Gemini. Additionally, in November, Genesis filed a lawsuit against crypto exchange Gemini to recover over $689M that customers withdrew from both firms.
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