Genesis Block Ventures was entangled with FTX

Genesis Block was an over-the-counter (OTC) trading desk in Hong Kong that was deeply integrated with Alameda Research and FTX, serving as a way for people to convert bags full of fiat to cryptocurrency and vice versa. The firm has a Cayman Islands-based related entity, Genesis Block Ventures, sometimes called GBV Capital, which is also deeply connected to FTX and Alameda Research.

Crypto researcher Dirty Bubble Media has previously highlighted how wallets associated with Genesis Block’s trading activities were often funded by, and deeply interconnected with, Alameda Research wallets. At some level, this was acknowledged by Genesis Block when it detailed how “Alameda Research will also provide the technology that acts as the backbone for Genesis Block’s new OTC portal.”

Analysis by Protos now confirms wallets associated with Genesis Block Ventures are deeply connected to FTX and Alameda Research.

Genesis Block Ventures on the blockchain

Genesis Block Ventures provides website visitors with a virtual ‘NFT Gallery’ to show off the ‘quality’ of its investments. This gallery seemingly allows multiple users to view the ‘art’ and interact with each other, though we were alone throughout conducting our analysis.

If you select ‘show details’ while visiting the gallery, it will helpfully provide you with the Ethereum addresses associated with the art in the gallery. We set out to investigate those addresses.

Read more: Genesis Block: FTX had more than prostitutes in Thailand

0x8fc112b770baC7AAF030A0148504dd15561BA86a: This address owns rareverse.eth and vault.rareverse.eth and is called RareVerse on OpenSea. It was initially funded with ether from an FTX exchange address. It holds many of the most valuable NFTs in the collection and is evidently a big Yuga Labs fan: the address owns two Mutant Apes, two CryptoPunks, a Meebits, and an Artblocks.

0xe085327c5AD2F77147F10973Fed45Fb19d734F7e: This address owns 0xminion.eth and is called 0xminion on OpenSea. Minion identifies its responsibilities as “Research & Data” for Genesis Block Ventures. Initial funds in this address came from Binance, but the address does repeatedly interact with FTX. The most valuable NFT owned appears to be a Pudgy Penguin.

0x6ce31a42058F5496005b39272c21c576941DBfe9: Smart contract apparently related to Pixel Vault staking.

0xF2c06f90FB58844C09220e01E3116A2293Df6960: This address owns sungjae.eth and mintingrehab.eth, and is called realmlord on OpenSea.

0x32ae912d4abfde382eb5cd4eadd2a3daab914d67: This address owns 0xernest.eth. Initial funds in this address came from FTX.

0xa9cdf0542a1128c5caca1e81521a09aec8abe1a7: This address owns some Azuki NFTs and some Pudgy Penguins. This address also appears to be the 19th largest holder of LORDS, a token Genesis Block Ventures invested in. This address was initially funded by 0xc9610be2843f1618edfedd0860dc43551c727061.

0x41033ecaf9216aabe4404eceeef6fdb684811667: This address owns some Loot NFTs, as well as some assorted ones which are even less valuable. It was funded with ether from a FTX address.

0xb0ca892ae0d911e74314496690c974e852b25184: This address is called 0xIKZ on OpenSea. It was initially funded by FTX.

0x719e487866d415a4ca9c7f760e71de9ca3d2507c: This address own gbvcapital.eth. It was initially funded by FTX.

0xd1e25f6e985e1a9d18693dd6345a3f5f677b808e: This address owns boredapeyatchclub.eth. It was originally funded by 0x7d69f417C92363FB1328E412AA704addA5E85f9f which was originally funded by Alameda Research. The only transaction 0x7d69f417C92363FB1328E412AA704addA5E85f9f did was passing along funds from Alameda Research to Genesis Block Ventures.

Read more: FTX firm had agreement with Bitfinex for ‘fiat integration’

0xdec0547b77bdad8ce7ca1f0cec8f8e07db610537: This address is called 0xPorsche on OpenSea. It was initially funded by FTX and received funds from FTX, Binance, and Gate.IO.

0xb8da256c53fe3dd3fe2748bdb1a3add8b4c236da: This address is called coinradish on OpenSea. It was initially funded by FTX.

0x9dd9f1d221c79d162a553c0509f490dac1e79e78: This address was initially funded by FTX.

0xc72d57b880a988d120141f09328f7daef527a8b0: This address owns mr8559.eth and is called mr8559.eth. It owns a Bored Ape, a couple of Bored Dogs, and a smattering of other NFTs. It was originally funded by 0xc4778d211bf5b272850e97aa8bf653e33c818f66 which was funded by 0xbf1e30f933abe76d3e6ed927e128b595960af80c which was funded by FTX.

0xa782840225e05867066ba271d7e8246549320e5e: This address is called RareVerseCat on OpenSea. It owns a Mutant Ape and was initially funded by FTX.

0x68b724511ad47f24b0e233022a1e94de8311248d: This address owns collection.rareverse.eth and is called RareVerseCollection on Opensea. It owns a Mutant Ape, some Azuki Elementals, and some of the other Azukis which look basically the same. This address was initially funded by FTX.

0xdFC4F3C9a2954A6307d842e8d46b1Fa4FdE2E14D: This address was initially funded by 0x8dc41F0BDFe880767002e664158152c868a187D9 which was initially funded by FTX and interacted with ByBit.

0x317379256fddcb3ec5a5eb00b044fd9575038b7f: This address owns kootszhin.eth. It was initially funded from FTX and regularly interacted with FTX.

0x83e979f716ec70b3ef51c8631acf61a8a4c4d133: This address owns ckfng.eth and owns some Azuki elementals. It interacts with FTX and Binance and was originally funded by 0x00ceD6fDbD2e80D327759dA2B41fF47876aE0D03.

0xaff902692b9d3f00b727e13dbee661ac306c4abe: This address is called MegaLucario on Opensea. It was initially funded by 0x9FdA94D8C1Ce0EE5f773Da1D1546bc717a69BB6E which was initially funded by FTX.

0xede66bb2a75c5e5708d1359de9b854b9f844bd79: Called Shiny Greninja on OpenSea. Initially funded by MegaLucario.

0x8f2b19ec85c273731ba099b47286afc62e6ae811: This address was initially funded by 0x41A47Ff6026F36773B145f40D7c735B0a633Cee9 which was originally funded by FTX. It interacted with ByBit, Binance, and KuCoin as well.

People connections

GBV Capital in the Cayman Islands has a single director, according to records reviewed by Protos, named Clement Joshua Ip. He was also a co-founder of Genesis Block and a director of FTX Hong Kong.

Genesis Block Ventures’ website also showed a “Charles,” presumably Charles Yang of Genesis Block, who at times went to events as an Alameda Research Ventures “Principal.” A Leslie was also featured, believed to be Leslie Tam, co-founder of GBV Capital.

Interestingly, and perhaps coincidentally, FTX’s bankruptcy detailed a “Loan Agreement Dated 2/11/2019” and a “2020 Equity Incentive Plan (NON-U.S.) Dated 11/22/2021” for a Tam Nai Him Leslie. Separately, Tam Nai Him Leslie was marked as a USD lender to Alameda Research.

Furthermore, the bankruptcy documents detail a “Loan Agreement Dated 10/20/2021” and a “Loan Agreement Dated 11/30/2020” with GBV Capital.

GBV Capital, like the rest of Genesis Block, appears to have been deeply and fundamentally connected to Alameda Research and FTX.