Genesis cashed out right before the bankruptcy
posted 22 Jan 2023
Chainalysis investigators claim that a few hours before the announcement of bankruptcy, funds totaling about $155 million were withdrawn from the Genesis exchange:
- 50,000 ETH to Coinbase
- 20,000 ETH to Bitstamp
- 5,000 ETH and 3.9 million USDT to Kraken
- 7.7M FTM to Binance
- 36 million USDT to an unknown wallet
Some analysts speculate that this could be a partial repayment of Genesis' debt to creditors.
Of course, it is the case! That's exactly what all bankrupts do before filing for bankruptcy.
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