Hassan Maishera
TL;DR
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Bittrex filed for bankruptcy in the US state of Delaware a few hours ago.
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The cryptocurrency exchange revealed that it has more than 100,000 creditors, with estimated liabilities and assets both within $500 million to $1 billion.
Bittrex US Becomes The Latest Crypto Exchange To File For Bankruptcy
Cryptocurrency exchange Bittrex filed for bankruptcy in the US state of Delaware late on Monday. This latest development comes months after the company said it would wind down operations in the United States.
The bankruptcy filing also came a few weeks after it was sued by the Securities and Exchange Commission (SEC).
In a court filing, Bittrex revealed that it currently has more than 100,000 creditors, with liabilities and assets worth between $500 million to $1 billion.
The United States arm of Bittrex has had a rough year so far. In February, the crypto exchange laid off 80 workers. This was followed by an announcement in March that it would be winding down its operations in the United States by the end of April.
The bankruptcy filing only applies to Bittrex US and not Bittrex Global, the non-US cryptocurrency exchange.
The SEC sued Bittrex US in April despite the cryptocurrency exchange exiting the United States market. The SEC accused Bittrex of operating a national securities exchange, broker and clearing agency without proper licenses.
The regulatory agency also sued former Bittrex CEO Bill Shihara and Bittrex Global. Bittrex Global CEO Oliver Linch revealed last month that the company intends to fight the charges brought against it by the SEC
Bittrex has become the latest cryptocurrency company to file for bankruptcy, following the footsteps of FTX, Celsius, Voyager and BlockFi.
