US Crypto Exchange Bittrex Files For Bankruptcy

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According to CoinDesk, crypto exchange Bittrex has filed for bankruptcy in the US state of Delaware, “months after announcing it would end operations in the country and weeks after being sued by the Securities and Exchange. Commission (SEC)”. From the report: The exchange estimates it has more than 100,000 creditors, with liabilities and assets estimated to both be in the range of $500 million to $1 billion, according to a court filing shared by Randall Reese of the chapter 11 Dockets, a bankruptcy tracker. Bittrex’s US branch has had a tough 2023 so far, laying off 80 people in February and announcing in March that it would end all operations by the end of April. These changes did not affect Bittrex Global, the non-US crypto exchange.

Despite Bittrex’s impending exit from the United States, the SEC sued it in mid-April over allegations that it operated a national securities exchange, brokerage and clearing agency. The SEC also sued former Bittrex CEO Bill Shihara and Bittrex Global. Bittrex Global CEO Oliver Linch said last month that the exchange intended to challenge the charges in court, but bankruptcy proceedings could make that more difficult.

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