crypto.news
The largest recipient of the Genesis Trading bankruptcy proceedings has recently been involved in a significant Ethereum sell-off.
According to data provided by Arkham Intelligence, the creditor has sold 12,100 Ethereum (ETH) worth $31.43 million, within just three days. This move comes shortly after receiving a massive repayment from Genesis Trading as part of its liquidation process in August.
The creditor, with wallet address 0x999…46E, received the largest compensation during the Genesis Trading creditor repayments.
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.
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, Ethereum has been subjected to sideways movements since it recorded a rapid spike from Sept. 17 to 21.
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.
Recall that Genesis filed for bankruptcy earlier in 2023 following a series of setbacks, including the turbulence faced by its parent company, Digital Currency Group.
As part of its Chapter 11 bankruptcy proceedings, Genesis began 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.