According to Odaily, a significant Ethereum holder, who received the largest compensation in ETH during the liquidation of Genesis Trading last August, has recently sold 40,000 ETH through an over-the-counter broker. The sale, valued at approximately $89.2 million, occurred over the past two days. The whale transferred 30,000 ETH to Galaxy Digital and 10,000 ETH to FalconX, receiving $20 million USDC from Galaxy Digital and $19.49 million USDC from FalconX in return.
The Ethereum in question originated from the liquidation compensation of the bankrupt Genesis Trading, where the address received 114,500 ETH, valued at $358 million at the time. When the compensation was received, the price of ETH was $3,128 USDT. However, the current price of ETH has decreased by 30%, leading to a depreciation of $110 million in the value of the compensated ETH.