A Dive Into 0xd62, a Genesis OTC Wallet That’s Moving Money

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.

AccessTimeIconJan 23, 2023 at 10:08 p.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC
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A key crypto wallet at Genesis Global Trading moved a substantial amount of ether (ETH) around the same time the trading firm’s sibling filed for bankruptcy protection last week.

The over-the-counter trading desk’s wallet transferred out 75,000 ETH to various crypto exchanges on Jan. 19. A CoinDesk analysis shows that’s the fifth-biggest single-day movement ever.

The days with a bigger ETH outflow from the wallet – which all took place last year – coincided with major milestones for Genesis. Here are the bigger days for the wallet, which has an address beginning with 0xd62:

(Etherscan)
(Etherscan)

Last week’s bankruptcy filing by Genesis Global Capital, the lending business, raised doubts about its future, but the movement of money suggests its related entity, trading firm Genesis Global Trading, continues to operate.

The OTC desk wallet continues to transact on the Ethereum blockchain as Genesis’ bankruptcy unfolds. Since Jan. 21, the wallet has sent out 24,000 ETH, worth some $39 million, and received $92 million in USDC and USDT, as of press time.

Genesis did not return a request for comment.

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Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.


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