Genesis Trading wallets halted – holding over $280M

January 20, 2023

in Altcoin

Reading Time: 3 mins read

Genesis Trading appears to have halted all wallet on-chain operations on Jan. 20 after filing for Chapter 11 bankruptcy in the Southern District of New York

The wallets hold over $280 million in crypto — 144,847 in Ethereum (ETH) worth $220 million — as of press time.

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Current wallet holdings

Genesis Trading’s nine remaining top 10 crypto holdings include Compound (COMP), The Sandbox (SAND), Apecoin (APE), Decentraland (MANA), Aave (AAVE), Curve DAO (CRV), Pax Dollar (USDP), The Graph (GRT), Basic Attention Token (BAT) and Uniswap (UNI).

Genesis Trading wallets holdings - (Source: Arkham Intelligence) — Genesis Trading wallets holdings – (Source: Arkham Intelligence)

Flooded with fake tokens

Transactions four hours ago into Genesis Trading’s wallets took place, but were just inflows of fake ‘GENESIS’ tokens flooding in.

Genesis Trading wallet transactions - (Source: Arkham Intelligence) — Genesis Trading wallet transactions – (Source: Arkham Intelligence)

The last transaction originating from Genesis Trading was 12 hours ago at press time — a distinct change from the wallets’ usual multiple transactions per hour pattern of behavior.

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.

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