The popular crypto trading exchange Bittrex filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. This move comes three weeks after the United States Securities and Exchange Commission filed a lawsuit against it.
The US SEC charged Bittrex and its co-founder and former CEO, William Shihara, for allegedly operating an unregistered national securities Exchange, clearing agency, and broker house. It also filed another charge against Bittrex Global.
Bittrex Trading Platform Bankruptcy DetailsAccording to the filing, the crypto exchange has over 100,000 creditors. Its assets were between $500 million and $1 billion, while the liabilities were between $500 million and $1 billion.
The bankruptcy filing covered different entities under Bittrex, including, Seattle-based entity Bittrex Inc, Bittrex Global GmbH, 2 entities in Malta, and an affiliated entity Desolation Holdings LLC. But Bittrex’s global entity based in Liechtenstein was not part of the bankruptcy filing.
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Tue, 18 Apr 2023