Render Network Custody Contract Transfers $13 Million Worth of RNDR to GSR Market

IconCryptoNewsTerminal Staff08 Jul, 2024

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Render Network Custody Contract Transfers $13 Million Worth of RNDR to GSR Market

On-chain crypto analyst EmberCN reported via Twitter that the "Render Network (RNDR) Custody Contract just transferred 2.066M RNDR ($13M) to an address believed to be crypto market maker GSR Market about 30mins ago." This significant transfer follows a consistent pattern observed over the past several months, with the custody address sending RNDR to the suspected GSR Market address approximately once every two months. Following these transfers, GSR Market typically deposits the received RNDR to exchanges such as Binance within a few days. Since January 10th, the Render Network Custody Contract has transferred a substantial amount of 10.16M RNDR ($80.89M) to the suspected GSR Market address, indicating a notable movement of RNDR tokens.

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