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  • Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC
    • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
    • Genesis will return $3B to creditors, covering 77% of customer claims.
    • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

    Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

    This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

    Genesis Trading settlement plan has been approved

    The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

    Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

    At that time, the company owed over $3.5 billion to its top creditors.

    Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

    In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

    Digital Currency Group (DCG) to miss out on this settlement

    Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

    This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

    Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

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  • Shiba Inu Is Now Available To The US Customers Via BitStamp Listing

    Shiba Inu Is Now Available To The US Customers Via BitStamp Listing

    As per the cryptocurrency exchange Bitstamp’s announcement, trading Shiba Inu (SHIB) tokens is now possible in the United States. After the biggest European exchange began offering SHIB trading in other markets, this happened.

    American users of Bitstamp will be able to exchange the well-known meme cryptocurrency for dollars and euros. Early in June, Shiba Inu was finally made tradable on the major European cryptocurrency platform.

    The listing was first disclosed by the well-known trading platform in December. Fans of SHIB, however, had to wait half a year before they could trade their preferred cryptocurrency on Bitstamp due to technical issues.

    Trillions of Shiba Inu swapped in the last 24 hours

    11 trillion SHIB or 11,182,405,061,512 SHIB have been swapped in the last day, according to data from CoinMarketCap. After momentarily dipping to the $0.0000099 level, Shiba Inu (SHIB) has recaptured the $0.000010 level.

    Shiba Inu was showing a slight boost at the time of publication, rising 5% to $0.0000105. The SHIB price dropped down to trade below this crucial level once more after hitting highs of $0.00001058 on Oct. 26 after a four-day upward trend.

    On October 24, sellers drove SHIB to a low of $0.0000985. Shiba Inu is trying to establish a base at the $0.00000985 price level after prices failed to fall below it for the second day in a row today.

    Before the next move, there may be range trading, since the RSI has flattened below the midway. According to CoinMarketCap data, the prices of the Shiba Inu ecosystem tokens BONE and LEASH have also seen slight gains in the last day.

    Despite being down 88% from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,068 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.

    Since the beginning of 2022, the percentage of Shiba Inu “hodlers,” or addresses that have owned SHIB for more than a year, has increased from less than 4% to over 37% of holders.

    37% of SHIB holders have held their SHIB for more than a year, 60% have held for less than a year, and 3% have held onto their tokens for less than a month, per IntoTheBlock’s data on holder composition by time held.

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  • Bitstamp Brings Shiba Inu (SHIB) to U.S. Customers

    Bitstamp Brings Shiba Inu (SHIB) to U.S. Customers


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    Alex Dovbnya
    Bitstamp has listed popular meme cryptocurrency Shiba Inu (SHIB) in U.S. after initially making it available in other markets earlier this year
    Cryptocurrency exchange Bitstamp has announced that the Shiba Inu (SHIB) token is now available for trading in the U.S. 

    This comes after the largest European exchange launched SHIB trading in other markets. 

    Bitstamp’s American customers will be able to trade the popular meme cryptocurrency against the U.S. dollar and the euro.

    As reported by U.Today, Shiba Inu finally became available for trading on the leading European cryptocurrency exchange in early June.


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    The popular trading platform initially announced the listing last December. However, it had been hampered by technical difficulties, and SHIB fans had to wait half a year in order to be able to trade their favorite cryptocurrency on Bitstamp.

    Surviving crypto winter 

    The SHIB price has declined roughly 89% since last October, leaving late buyers in the dust. The canine cryptocurrency plunged together with Bitcoin and other altcoins amid the ongoing crypto winter despite seeing growing adoption and notable developments within its ecosystem.   

    Jean-Baptiste Graftieaux, CEO of Bitstamp, recently said that the exchange had not been significantly impacted by this year’s crypto rout that led to declining revenues.

    Bitstamp has experienced many boom-and-bust cycles in crypto, and Graftieaux appears to be confident that it will be able to weather another cryptocurrency crisis. The Luxembourg-headquartered exchange, which was founded all the way back in 2011, is one of the oldest cryptocurrency companies that remains operational today.

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