ChainCatcher news, Slow Mist founder Yu Xian posted on social media, "I have initially looked into the situation of 4064 BTC that is suspected to be stolen. Some of the source funds seem to be related to Genesis Global Trading, and the laundering is quite aggressive. You can check the detailed fund map in the investigation I shared."ChainCatcher previously reported that on the X platform, on-chain detective ZachXBT stated that seven hours ago, a potential victim made a suspicious transfer of 4064 BTC (worth $238 million), and the funds were quickly transferred to platforms such as ThorChain, eXch, Kucoin, ChangeNow, Railgun, and Avalanche Bridge.

ChainCatcher news, the bankrupt cryptocurrency lending institution Genesis Global has received court approval to return approximately $3 billion in cash and cryptocurrency to creditors. Judge Sean Lane approved Genesis's Chapter 11 repayment plan on Friday, May 17.In the ruling, Judge Sean Lane dismissed the objections raised by DCG, which argued that the amounts paid by Genesis to its customers and creditors should not exceed the value of the crypto assets at the time Genesis filed for bankruptcy in January 2023.

ChainCatcher message, according to a report released by Coinbase last Friday, the cryptocurrency market has recently focused more on the fund flows of spot Bitcoin ETFs rather than their fundamentals. The report noted that after two months of net inflows, spot Bitcoin ETFs recorded their first net outflow, with a net outflow of $836 million from March 18 to March 21. During this period, the price of Bitcoin briefly fell below $63,000. In particular, the total outflow from Grayscale Bitcoin Trust (GBTC) reached $1.83 billion within four days, and the specific reasons for this in the market remain unclear. Analysts believe that the possible selling pressure may stem from the liquidation of Genesis Global's bankrupt assets, involving the sale of approximately 35.9 million GBTC shares.Coinbase stated that while it cannot currently confirm a direct link between the net outflow of GBTC and these sales, it can be inferred that the scale and scope of the changes in GBTC shares are consistent with the latest developments in Genesis's payment obligations. The report also emphasized that considering most creditor payments will be made in cryptocurrency rather than cash, the impact on Bitcoin market performance should ultimately be neutral.

ChainCatcher news, according to Fortune magazine, the New York Department of Financial Services plans to announce a settlement with Genesis Global Trading later today, which is a subsidiary of the cryptocurrency group Digital Currency Group.It is reported that after an investigation found significant deficiencies in Genesis's anti-money laundering and cybersecurity programs, the trading company agreed to forfeit its BitLicense, cease operations in New York, and pay a $8 million fine.

ChainCatcher news, according to Bloomberg, digital asset brokerage VersiFi announced a $10 million financing from Hunting Hill Global Capital. Martin Garcia, former Managing Director and Co-Head of Trading and Lending at Genesis Global, has joined VersiFi as Co-CEO and will lead the expansion of this major digital asset brokerage into these services.

ChainCatcher news indicates that the bankruptcy filing of Genesis Global and its related entities shows that the parent company DCG owes its subsidiary Genesis over $1.65 billion. The debt DCG owes to Genesis includes a $575 million loan due in May of this year and a $1.1 billion promissory note due in June 2032.The special committee of the board of GGH (the holding company of the Genesis entities) is investigating the loan activities between GGC and DCG to determine whether the bankrupt company has viable claims against DCG related to these transactions to assist in the restructuring. (source link)

ChainCatcher news, Grayscale Investments stated that the security of the digital asset products held by investors is not affected by recent market events. Genesis Global Capital, a subsidiary of Grayscale's Genesis Global Trading, announced the suspension of redemptions and new loan issuances. Genesis Global Capital is not a counterparty or service provider for any Grayscale products.Grayscale products continue to operate as usual, and recent events have not impacted product operations;The underlying assets of the products remain safe and secure, stored in Coinbase cold storage isolated wallets;Grayscale does not borrow, lend, re-mortgage, or otherwise pledge the underlying assets of the products, and custodians are prohibited from engaging in such activities;Publicly quoted products continue to trade and generate reports and audited financial statements for the U.S. Securities and Exchange Commission and over-the-counter markets. (Source link)