Attorneys from all parties at Monday’s First Day hearing lauded “around-the-clock” efforts undertaken to resolve the brokerage’s disputes with its creditors.
It just had one of the biggest movements of ETH ever, just as its corporate sibling filed for bankruptcy. Its big transfers tend to coincide with big events at the company.
The collapse of FTX in late 2022 was the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.