Dump Alert: Genesis Seeks Court Approval to Liquidate $1.4 Billion in GBTC Shares

• Genesis seeks court approval to sell $1.6 billion Grayscale shares.
• The assets include GBTC, Ethereum, and Ethereum Classic Trust shares.
• Genesis’ move coincides with recent actions by FTX that caused BTC to crash.

Genesis Global Capital, a troubled crypto lender, has filed a pivotal motion with a U.S. bankruptcy court seeking approval to sell approximately $1.6 billion in trust assets. The bankrupt firm filed the motion with a U.S. bankruptcy court in the Southern District of New York. 

Chinese reporter Colin Wu recently called attention to the development on X. Per the court filing, the planned liquidation encompasses Grayscale Bitcoin Trust (GBTC) shares valued at around $1.4 billion. 

Furthermore, Genesis revealed that among the assets it is seeking approval to liquidate are shares of Grayscale Ethereum Trust, valued at aroun…

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