Genesis creditor already sold 12,100 ETH amid major liquidation

The cryptocurrency most affected by the Genesis Trading bankruptcy cases has recently been involved in a significant Ethereum sell-off.

According to data provided by Arkham Intelligence, the creditor sold 12,100 Ethereum (ETH) worth $31.43 million in just three days. The move came shortly after receiving a large refund from Genesis Trading as part of its liquidation process in August.

The creditor with the wallet address 0x999…46E received the highest compensation during Genesis Trading creditor payments.

On August 2, 114,502 ETH were deposited into this wallet, at which time it had a total value of $358.19 million. Despite keeping a significant portion of the liquidation proceeds, the creditor has already begun selling a significant amount of its allocation.

The sales began on September 23, when the wallet initiated ETH transfers to FalconX, a leading institutional crypto brokerage firm.

Over the next few days, the payee transferred a total of 12,100 ETH, with the most recent transaction occurring at 15:39 UTC on September 25. This latest transfer alone contained 7,099 ETH worth $18.56 million.

The large-scale liquidation coincides with ongoing market uncertainties. Ethereum, in particular, has been subject to sideways movements since it recorded a rapid increase between September 17-21.

The asset continues to trade within the $2,529 to $2,703 range over the past five days. However, the recent sell-off by the Genesis creditor could trigger a trend of selling pressure in the market.

ETH price – September 26 | Source: crypto.news

Let’s recall that Genesis filed for bankruptcy in early 2023 following a series of setbacks, including turbulence experienced by its parent company, Digital Currency Group.

Genesis began repaying creditors last month as part of its Chapter 11 bankruptcy proceedings, distributing around $4 billion in crypto assets to those affected. The creditor in question received the largest refund from the liquidation.