Genesis Linked ETHs Moved After 5 Years

Two noteworthy transfers have been seen these days, as the FUD regarding Genesis and Barry Sibert’s Digital Currency Group (DCG) continues to increase. In the last 24 hours, a large amount of Ethereum (ETH) linked to Genesis and Poloniex, which has been dormant for years, has been detected. From these dormant wallets, 22,982 ETH was transferred to two new wallets.

In a tweet on December 19, PeckShieldAlert reported that the two wallets that had been dormant for years transferred approximately 22,982 ETH, worth 27.2 million, to two new wallets. These Ethereums were found to exit Genesis and Poloniex in 2016 and 2018, respectively. In addition, the last activity in these wallets was seen in October 2018.

On-chain analysis platform Lookonchain also reported that two wallets that had been dormant for 5 years became active on December 18 and transferred 22,983 ETH. The two new wallets currently hold approximately 13,105 ETH and 9,878 ETH respectively. Old wallets currently hold only $57.32 and $25.81 worth of ETH. Moreover, the new wallets only have Ethereum transferred on December 18. The move of dormant coins or tokens is usually followed by sales within a few days. In this regard, it is emphasized that the wallets that make the said transfers are preparing for sale.

The cryptocurrency community on Twitter has spent the past week closely associated with Barry Silbert’s DCG Filecoin (FOL), Flow (FLOW), Stacks (STX), Livepeer (LPT), Ethereum Classic (ETC), Decentraland (MANA) and others. They made some comments that they saw big sales in altcoins. Cryptocurrency experts Andrew Parish and Adam Cochran claimed that DCG’s sale of cryptocurrencies in small batches could be the first signals of the company’s bankruptcy. Moreover, it is stated that there may be a hard break in DCG, Grayscale’s GBTC and EETH. Such a situation means real bankruptcy risk for Grayscale. According to data provided by Coinglass, GBTC is trading with a very high negative premium of 48.79 percent and EETH 52.58%.