Genesis received over $1B worth of FTT from Alameda, FTX in last 3 months
Popular crypto lender Genesis received billions of dollars in FTT tokens from bankrupt crypto firms Alameda Research and FTX in the past year, according to analysis by Cryptoslate Research, a dashboard for Arkham Intelligence. I was.
For context, Genesis received $932.56 million worth of FTT tokens from FTX within the last three months, while receiving $141.1 million worth of struggling tokens from Alameda Research in the same period. .
A cryptocurrency lender recently suspended all customer withdrawals due to the collapse of FTX. Genesis said the incident resulted in “abnormal withdrawal requests” that exceeded its liquidity.
Meanwhile, according to reports, lenders were unable to get a $1 billion emergency loan from investors following the collapse.
On the other hand, the extent to which FTX has collapsed in its Genesis business can be seen by considering the value of the trading assets FTX owns.
Genesis’ trading assets peaked at about $5 billion. At the time of writing, the company’s trading assets are worth approximately $238 million, according to Arkham Intelligence’s dashboard.
Genesis is processing a ton of redemptions
On November 16th, an address labeled Genesis processed the single largest transaction.Arkham Intelligence murmured On November 18, over $100 million USDCoin (USDC) was transferred to a Genesis over-the-counter (OTC) address, which subsequently deposited $105 million USDC into Circle.
Arkham said this was likely a large customer exiting the Genesis OTC platform.
When CryptoSlate Research looked into Arkham’s Intelligence platform’s Genesis trading dashboard, they found that this massive trade was not a one-time event.Instead, it was one of many such redemptions recently processed by lenders
According to the dashboard, Genesis OTC has processed 250.9 million USDC redemptions in the last seven days. In the same period, OTC also processed $18.3 million USDT redemption and he $20 million DAI redemption.
In total, OTC has processed approximately $290 million in stablecoin redemptions in seven days.
Meanwhile, the Circle is also seeing a massive USDC redemption into fiat currency as it burns millions of USDC.
Arkham Intelligence said USDC will be burned once USD is redeemed as legal tender. The dashboard shows that the stablecoin issuer has spent $100 million twice in the last 24 hours.
