Genesis Trading deposited 5,932 ETH into Binance within the past 8 hours.

Odaily Odaily News According to the monitoring of on-chain analyst @ai_9684xtpa, the bankruptcy liquidation of Genesis Trading is still continuing. Eight hours ago, GSR Markets received 5,932 ETH transferred from its Bankruptcy Distributions address, worth $15.05 million, and all of them have been recharged to Binance. During 08.02-08.03, the Genesis Trading bankruptcy liquidation address has transferred BTC and ETH worth more than $2.11 billion to major exchanges/entities/transfer addresses. Affected by the collapse of FTX, Genesis declared bankruptcy in January this year. According to the liquidation plan approved by the court, 77% of customer assets worth $3 billion will be returned. However, it is not clear whether the specific form of return is stablecoin or BTC/ETH, so whether its bankruptcy liquidation procedure will cause selling pressure on the market remains unknown.