Crypto Exchange Bittrex files for Bankruptcy
Crypto Exchange Bittrex has filed for bankruptcy in the United States, months after stating that it will cease operations.
According to a court filing, Bittrex, which was also sued by the US Securities and Exchange Commission (SEC), has more than 100,000 creditors, with estimated obligations and assets ranging from $500 million to $1 billion.
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“Having previously announced that Bittrex, Inc. would be ceasing all operations in the United States effective April 30, we have now made the decision to file Chapter 11 bankruptcy in federal court in Delaware,” the crypto exchange announced late Monday.
This change will have no effect on Bittrex Global, which will continue to serve its customers outside of the United States as usual.
“For those customers who did not withdraw their funds from the platform before the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole,” Bittrex said.
While the Bankruptcy Court will ultimately decide how those funds are claimed and distributed to our customers, “we intend to ask the court to activate those accounts as soon as possible so that customers meeting the necessary regulatory requirements can withdraw them.”
While the Bankruptcy Court will ultimately decide how those funds are claimed and distributed to our customers, “we intend to ask the court to activate those accounts as soon as possible so that customers meeting the necessary regulatory requirements can withdraw them.”
On April 17, the US Securities and Exchange Commission filed a lawsuit against Bittrex, saying that former CEO William Shihara urged crypto asset issuers wishing to make their tokens available on the platform to erase public statements that could lead regulators to examine those token offerings as securities.
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