An evaluation of the Arkham Intelligence dashboard CryptoSlate Analysis reveals that in style crypto lender Genesis obtained billions in FTT tokens from bankrupt crypto companies Alameda Analysis and FTX over the previous 12 months.
For context, Genesis obtained $932.56 million price of FTT tokens from FTX throughout the final three months, whereas it obtained $141.1 million price of struggling tokens from Alameda Analysis throughout the identical interval.
The crypto lender not too long ago halted all buyer withdrawals because of the FTX’s collapse. Genesis said that the incident resulted in “irregular withdrawal requests” that exceeded its liquidity.
In the meantime, reviews revealed that the lender had did not get an emergency mortgage of $1 billion from traders within the wake of the collapse.
In the meantime, the extent of FTX’s collapse on Genesis enterprise is telling when one considers the worth of buying and selling property underneath its possession.
At its peak, Genesis buying and selling property had been virtually $5 billion. As of press time, the agency’s buying and selling property are price roughly $238 million, in accordance with the Arkham Intelligence dashboard.
Genesis is processing giant quantities of redemptions
On Nov. 16, a Genesis-labelled handle processed its single-largest transactions. Arkham Intelligence tweeted on Nov. 18 that over $100 million in USDCoin (USDC) had been transferred to the Genesis over-the-counter (OTC) handle, and that handle subsequently deposited $105 million USDC to Circle.
Arkham mentioned this was doubtless a big buyer that withdrew from the Genesis OTC platform.
CryptoSlate Analysis’s take a look at the Genesis buying and selling dashboard on Arkham’s Intelligence platform confirmed that the massive transaction was not a one-off. As a substitute, it was one amongst many such redemptions the lender had processed not too long ago
In keeping with the dashboard, Genesis OTC has processed $250.9 million USDC redemption throughout the final seven days. Throughout the identical interval, the OTC additionally processed $18.3 million USDT redemption and $20 million DAI redemption.
Cumulatively, the OTC processed roughly $290 million in stablecoin redemptions over seven days.
In the meantime, Circle can also be seeing huge USDC redemptions for fiat because it has been burning tens of millions of USDC.
Arkham Intelligence mentioned USDC is burned when USD is redeemed as fiat. The dashboard reveals that the stablecoin issuer has burned $100 million twice within the final 24 hours.