#exchange

Ethereum supporters are looking forward to the upcoming crypto spring. Another network update, dubbed Shanghai Fork, is scheduled for March. Shanghai Fork will allow users to access the funds locked into the Ethereum Beacon Chain. Depositors will be able to participate in validating transactions and earn newly-created Ethereum. J.P. Morgan believes Shanghai Fork will be a pleasant surprise for Coinbase as well. It estimates that up to 95% of retail investors of this crypto exchange will be able to participate in Ethereum staking after the update. The matter is that Coinbase may get additional revenue of about $225-$545 million per year.

Genesis filed for Chapter 11 bankruptcy protection on Thursday. Now the major creditors started to become known and ready to comment. - The Gemini Exchange is the bankrupt's largest creditor. Its losses total more than $750 million. - Investment fund Mirana. Genesis owes the fund (which invested in platforms like Bybit and BitDAO) $151.5 million. - Decentraland. According to its representatives, it had a credit against Genesis of $7.8 million. - Stellar Blockchain has a claim for $13 million against the bankrupt company. - Coincident Cap confirmed that Genesis has $110 million in debt to them. All the creditors claim that Genesis' troubled liabilities won't affect their current operations and that any potential losses will be covered. However, they don't specify at whose expense. Genesis owes a total of $3.4 billion to its creditors.

Although the Waves blockchain explorer shows that transactions in USDT and USDC are in order, Twitter users are complaining en masse about the inability to withdraw stablecoins. All funds from the exchange bridge wallet were transferred to an unknown destination. The balance of the wallet is $144, although there should be over $40 million in USDC and USDT. The exchange representatives have not provided any official comments yet

Curly-haired Sam, the former "future Rockefeller" and CEO of the bankrupt FTX exchange, has been extradited to the US from The Bahamas However, for Sam, things got much worse as two of his main accomplices, Caroline Ellison and Gary Wang, began to testify to the feds. Due to the fact that sentences can be reduced for substantial assistance in the investigation, hopeless fraudsters decided to take advantage of this.

Chainalysis investigators claim that a few hours before the announcement of bankruptcy, funds totaling about $155 million were withdrawn from the Genesis exchange: - 50,000 ETH to Coinbase - 20,000 ETH to Bitstamp - 5,000 ETH and 3.9 million USDT to Kraken - 7.7M FTM to Binance - 36 million USDT to an unknown wallet Some analysts speculate that this could be a partial repayment of Genesis' debt to creditors. Of course, it is the case! That's exactly what all bankrupts do before filing for bankruptcy.

Genesis Global also failed to stay afloat and filed for bankruptcy. It was reported that the exchange founders filed in the New York Southern District Court for Chapter 11 bankruptcy, which provides for "sale, capital raise or reorganization of debt. That is, the exchange can still be saved, but with a different owner. Genesis Trading owes creditors more than $3 billion. The company representatives claim that they have only $150 million in cash.

In his new post, SBF found inconsistencies in documents filed by the law firm Sullivan & Cromwell (S&C) to a Delaware court alleging that FTX US is insolvent. S&C somehow failed to include $428 million of assets in FTX US bank accounts in the report. As a result, SBF concluded that FTX had hundreds of millions of dollars in excess of what the exchange needed to pay its obligations to users. Just return the money, Sam!

According to the press release, BMW is going to use blockchain technology to reduce paperwork and integrate a loyalty program in Thailand. BMW has chosen the Coinweb platform as a provider of decentralized infrastructure and the BNB Chain blockchain for transactions. Through the new loyalty program, BMW customers will be able to receive blockchain rewards for purchases and completing various tasks. Users will be able to exchange tokens for BMW and third-party companies products and services. Token transactions will take place on the BNB Chain.