TechFlow reports, according to on-chain analyst Aunt AI's monitoring, the bankruptcy liquidation of Genesis Trading continues. Eight hours ago, GSR Markets received 5,932 ETH (worth $15.05 million) transferred from Genesis Trading’s Bankruptcy Distributions address, which has since been fully deposited into Binance.
Between August 2 and 3, Genesis Trading’s bankruptcy liquidation address has transferred over $2.11 billion worth of BTC and ETH to various exchanges/entities/intermediary addresses.
Affected by the collapse of FTX, Genesis announced bankruptcy in January this year. According to the court-approved liquidation plan, 77% of customer assets—valued at $3 billion—will be returned. However, it remains unclear whether these returns will be made in stablecoins or in BTC/ETH, leaving uncertain whether the liquidation process will exert selling pressure on the market.
