Efe Nail Saltık 
Genesis Trading transferred more than 12,600 BTC to Coinbase in the last 30 days, two months after reaching a settlement with New York state. A cryptocurrency wallet associated with Genesis Trading transferred approximately $720 million worth of BTC to the Coinbase exchange over the past month. This signals the potential start of asset liquidations.
The wallet, labeled Genesis Trading, has transferred a total of more than 12,600 Bitcoins in the last 30 days, with the value of these Bitcoins approximately $719.9 million. These transfers generally occurred between 500 and 700 BTC. The wallet currently holds 33,356 Bitcoins, down from more than 46,000 BTC on June 12. This data is provided by Arkham Intelligence.
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The multimillion-dollar Bitcoin transfers come two months after New York State Attorney General Letitia James announced that her office had reached a settlement with Genesis requiring it to pay $2 billion to defrauded investors who participated in its Earn program.
The address labeled Genesis Trading may be preparing to start refunding users. The wallet reportedly currently holds a total of $2.28 billion worth of cryptocurrencies, of which $1.91 billion is Bitcoin and $364 million is Ethereum.
This amount exceeds the $2 billion in digital assets that the platform must pay out to defrauded investors who participated in the Earn program.
On June 14, the New York Attorney General’s Office announced that more than $50 million had been recovered from Gemini and that the amount would be returned to investors in the exchange’s Earn program.
The agreement prohibits Gemini from operating any cryptocurrency lending programs in New York state. “Anyone deceived by Gemini will get their money back,” James said on the X platform. Gemini Trust said affected Earn users will be able to receive 100% of the assets owed to them within seven days.
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