Genesis Trading Transferred $10.55m ETH to GSR Market, Bankruptcy Plan Unfolds
CryptoNewsTerminal Staff06 Aug, 2024
Genesis Trading Transferred $10.55m ETH to GSR Market, Bankruptcy Plan Unfolds
Genesis Trading, a cryptocurrency lending firm, recently transferred 5,932 ETH (approximately $10.55 million) to crypto market maker GSR Market. This transaction is a part of Genesis Trading's bankruptcy plan, which involves returning 77% of customer assets, amounting to roughly $3 billion. Previously, Genesis Trading had moved $2.11 billion worth of Bitcoin (BTC) and Ethereum (ETH) to major exchanges, institutions, and intermediary addresses. These actions indicate that Genesis Trading is preparing to distribute funds to its customers as part of its bankruptcy proceedings. The transfer to GSR Market suggests that Genesis Trading is using the services of a market maker to facilitate the distribution of funds. Market makers provide liquidity to cryptocurrency exchanges by buying and selling assets, ensuring a smooth trading experience for investors. Genesis Trading's bankruptcy plan is a complex process that involves multiple stakeholders, including customers, creditors, and regulatory authorities. The recent transfer of funds to GSR Market is a significant step in the execution of this plan and brings Genesis Trading closer to fulfilling its obligations to its customers.
