2023-05-09 00:43:56
Bittrex, a cryptocurrency exchange, was sued by the SEC last month for allegedly operating an unregistered stock exchange, a clearing house, and modifying statements to avoid supervision. As a result, the company formally applied for Chapter 11 bankruptcy protection on Monday, with assets and liabilities of approximately US$500 million to US$1 billion each, and more than 100,000 creditors.
(Recap:SEC snipe once more” cryptocurrency exchange Bittrex and former CEO charged with violating securities laws)
(background supplement:The SEC Advisory Committee supports strict law enforcement: almost all cryptocurrencies are “securities”!)
moveThe District reported in mid-April that the cryptocurrency exchange Bittrex was accused by the US Securities and Exchange Commission (SEC) of operating an unregistered stock exchange and clearing house.The result was less than a month later, according to the latest news from “THE BLOCK” this morningmessageBittrex has officially filed for Chapter 11 bankruptcy protection in Delaware on Monday.
The scale of assets and liabilities is regarding 500-1000 million US dollars
The company said in a court filing that its assets and liabilities are estimated to be between $500 million and $1 billion, respectively, and that it has more than 100,000 creditors; two other legal entities, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. Filed for bankruptcy protection in Delaware bankruptcy court.
It is understood that Bittrex used to be one of the largest exchanges in the United States. In early 2018, its market share in the dollar-backed spot trading market was close to 23%, but following falling below 2% in 2021, its market share has gone from bad to worse.
Does not affect customers outside the US
However, another thing to note is that according to the Bittrex spokesperson’s statement, the application for bankruptcy protection will not affect the overseas operations of Bittrex Global.
Following the previous announcement that Bittrex, Inc. will cease all operations in the United States from April 30, we have now decided to file for Chapter 11 bankruptcy protection in federal court in the state of Delaware.
This announcement does not affect Bittrex Global, which will continue to serve customers outside the United States. For those customers who did not withdraw funds from the platform before the end of April, your funds are still safe and secure.
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