Genesis transferred $3 billion in BTC and ETH, likely to pay down debt

This likely indicates the bankrupt company's commitment to repaying its creditors after the collapse in 2022.

It's been just over a year since Genesis reached an agreement to pay $1.5 billion to customers of cryptocurrency exchange Gemini, which was affected by the collapse of lending platform Earn.

Gemini used Genesis to profit from deposited cryptocurrency from Earn customers, which Genesis then lent to the now also bankrupt hedge fund Three Arrows Capital.

In May, Gemini management announced that Earn users had received all of their digital assets back in kind. This meant that Genesis could move to pay off its remaining creditors. Bitcoins and ethers may have been transferred from Genesis wallets for this very purpose.

In its January 2023 bankruptcy filing, Genesis said it needs to pay more than $3 billion to its 50 largest creditors, including Gemini, trading giant Cumberland and the VanEck Foundation. And in total, the organization's obligations to more than 100,000 creditors are estimated at $10 billion.