Research: Genesis received over $1B worth of FTT from Alameda, FTX in last 3 months

An investigation of the Arkham Intelligence dashboard CryptoSlate Research shows that fashionable crypto lender Genesis received billions successful FTT tokens from bankrupt crypto firms Alameda Research and FTX implicit the past year.

FTX’s FTT Transfers to Genesis (Source: Arkham Intelligence)

FTX’s FTT Transfers to Genesis (Source: Arkham Intelligence)

For context, Genesis received  $932.56 cardinal worthy of FTT tokens from FTX wrong the past 3 months, portion it received $141.1 cardinal worthy of struggling tokens from Alameda Research during the aforesaid period.

The crypto lender precocious halted each lawsuit withdrawals owed to the FTX’s collapse. Genesis stated that the incidental resulted successful “abnormal withdrawal requests” that exceeded its liquidity.

Meanwhile, reports revealed that the lender had failed to get an exigency indebtedness of $1 cardinal from investors successful the aftermath of the collapse.

Meanwhile, the grade of FTX’s illness connected Genesis concern is telling erstwhile 1 considers the worth of trading assets nether its possession.

At its peak, Genesis trading assets were astir $5 billion. As of property time, the firm’s trading assets are worthy astir $238 million, according to the Arkham Intelligence dashboard.

Genesis is processing ample amounts of redemptions

On Nov. 16, a Genesis-labelled code processed its single-largest transactions. Arkham Intelligence tweeted connected Nov. 18 that implicit $100 cardinal successful USDCoin (USDC) were transferred to the Genesis over-the-counter (OTC) address, and that code subsequently deposited $105 cardinal USDC to Circle.

Arkham said this was apt a ample lawsuit that withdrew from the Genesis OTC platform.

Genesis OTC Stablecoin Redemption (Source: Arkham Intelligence)

CryptoSlate Research’s look astatine the Genesis trading dashboard connected Arkham’s Intelligence level showed that the ample transaction was not a one-off. Instead, it was 1 among galore specified redemptions the lender had processed recently

According to the dashboard, Genesis OTC has processed $250.9 cardinal USDC redemption wrong the past 7 days. During the aforesaid period, the OTC besides processed $18.3 cardinal USDT redemption and $20 cardinal DAI redemption.

Cumulatively, the OTC processed astir $290 cardinal successful stablecoin redemptions implicit 7 days.

Source: Arkham Intelligence

Meanwhile, Circle is besides seeing monolithic USDC redemptions for fiat arsenic it has been burning millions of USDC.

Arkham Intelligence said USDC is burned erstwhile USD is redeemed arsenic fiat. The dashboard shows that the stablecoin issuer has burned $100 cardinal doubly successful the past 24 hours.

The station Research: Genesis received implicit $1B worthy of FTT from Alameda, FTX successful past 3 months appeared archetypal connected CryptoSlate.