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In recent hours, Blockchain Data Tracker (Whale Alert) has flagged two GALA transactions involving bankrupt crypto lender Genesis.
The first was that of 135,000,000 GALA worth $7,432,830 transferred from an unknown wallet to Genesis Trading. Then, minutes later, 135,000,000 GALA worth $7,446,465 was moved from the account flagged as Genesis Trading to an unknown wallet.
🚨 135,000,000 #GALA (7,446,465 USD) transferred from Genesis Trading to unknown wallethttps://t.co/Wj5whyKk50
— Whale Alert (@whale_alert) February 8, 2023
The reason for the move remains unknown. It could be an OTC transaction or a reshuffling of funds.
At the time of writing, GALA was up 2.4% at $0.054. Gala was a top gainer in January following a slew of ecosystem news.
Genesis trading: latest updates
Digital Currency Group (DCG) plans to sell the crypto trading and lending divisions of its subsidiary Genesis, which is restructuring through bankruptcy, a Genesis legal representative stated as the company announced a deal with creditors.
Last month, Genesis Trading sought bankruptcy protection after suffering debilitating losses as a result of the failures of FTX and hedge fund Three Arrows Capital.
Circle, which manages the stablecoin USD Coin, and Gemini, which is financed by the Winklevoss twins, are two of Genesis' biggest customers.