Bittrex is the latest crypto entity to file for bankruptcy. It was as lucky as FTX, crypto lending firm Celsius, Voyager, and BlockFi.
Crypto exchange Bittrex filed for Chapter 11 bankruptcy protection in Delaware on Monday, May 8. This comes a month after the Securities and Exchange Commission (SEC) accused him of running an unregistered exchange in the United States.
It should be noted that the company had assets and liabilities with an estimated value between US$500 million and US$1,000 million and more than 100,000 creditors in a court filing.
Bittrex Malta Ltd., and Bittrex Malta Holdings Ltd., also filed for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.
The exchange was sued by the SEC for allegedly operating an unregistered exchange, brokerage, and clearing agency. Bittrex had decided to leave the jurisdiction of the United States.
Bittrex had been one of the largest exchanges in the United States, with a 23% market share at the beginning of 2018.
Source: Ambito
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