Ethereum

Genesis

Worldcoin

Arkham

when

The largest recipient of the Genesis Trading bankruptcy proceedings has recently been involved in a significant Ethereum sell-off.&nbsp; 
According to <a href="https://platform.arkhamintelligence.com/explorer/address/0x999E77c988C4C1451d3B1c104a6cca7813A9946E" target="_blank">data</a> provided by Arkham Intelligence, the creditor has sold 12,100 Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) worth $31.43 million, within just three days. This move comes shortly after receiving a massive repayment from Genesis Trading as part of its <a href="https://crypto.news/genesis-transfers-3b-worth-of-crypto-amid-bankruptcy/" target="_blank">liquidation process</a> in August. 
The creditor, with wallet address 0x999…46E, received the largest compensation during the Genesis Trading creditor repayments.&nbsp; 
On Aug. 2, this wallet was credited with 114,502 ETH, which had a total worth of $358.19 million at the time. Despite holding a substantial portion of the liquidation proceeds, the creditor has already begun selling off a significant amount of their allocation. 
The sell-off began on Sept. 23, when the wallet initiated transfers of ETH to FalconX, a leading institutional cryptocurrency brokerage firm. 
 You might also like: <a rel="" href="https://crypto.news/bitwise-cio-ethereum-etfs-came-too-early/"> Bitwise CIO: Ethereum ETFs came too early </a> 
Over the next few days, the creditor transferred a total of 12,100 ETH, with the most recent transaction occurring on Sept. 25 at 15:39 UTC. This latest transfer alone involved 7,099 ETH valued at $18.56 million. 
The large-scale liquidation coincides with ongoing market uncertainties. Notably, <a href="https://crypto.news/ethereum-surged-15-in-7-days-despite-whale-sell-off/" target="_blank">Ethereum</a> has been subjected to sideways movements since it recorded a rapid spike from Sept. 17 to 21.&nbsp; 
The asset continues to move within a range of $2,529 and $2,703 over the past five days. However, the recent sales from the Genesis creditor could trigger a trend of selling pressure around the market. 
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 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/09/ETHUSDT_2024-09-26_13-17-48.png" alt="Genesis creditor already sold 12,100 ETH amid major liquidation - 17" class="wp-image-14299991">
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 ETH price – Sept. 26 | Source: <a href="https://crypto.news/price/ethereum/" target="_blank">crypto.news</a>
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Recall that Genesis <a href="https://crypto.news/genesis-global-files-for-bankruptcy/" target="_blank">filed</a> for bankruptcy earlier in 2023 following a series of setbacks, including the turbulence faced by its parent company, Digital Currency Group.&nbsp; 
As part of its Chapter 11 bankruptcy proceedings, Genesis <a href="https://crypto.news/genesis-concludes-bankruptcy-with-4b-creditor-payout/" target="_blank">began</a> repaying its creditors last month, distributing about $4 billion in crypto assets to those affected. The creditor in question received the largest repayment from the liquidation. 
 Read more: <a rel="" href="https://crypto.news/worldcoin-remains-unfazed-by-whale-selloff-rises-17-in-24-hours/"> Worldcoin remains unfazed by whale selloff, rises 17% in 24 hours </a>

Genesis creditor already sold 12,100 ETH amid major liquidation

crypto.news

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