Genesis Trading wallets halted holding over $280M

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

The wallet holds over $280 million in Ethereum (ETH) worth $220 million.

current wallet holdings

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

flooded with fake tokens

A four-hour-old transaction to Genesis Trading’s wallet was just flooded with fake ‘GENESIS’ tokens.

The last transaction from Genesis Trading was 12 hours ago at the time of writing. This is a clear change from his usual multiple transactions per hour pattern for the wallet.

Journalist at CryptoSlate

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Josh has been writing for 10 years and is passionate about mainstream adoption of cryptocurrencies, bringing positive economic change to the masses across cryptocurrencies and decentralized finance.