Bittrex Files for Chapter 11 Bankruptcy After SEC Legal Battle
- In its Chapter 11 filing, Bittrex listed assets and liabilities totaling up to $1 billion apiece.
- The SEC accused Bittrex of breaking rules last month.
The Bittrex Crypto Exchange officially filed for bankruptcy. This occurs just over a month after the Security Exchange Commission (SEC) charged Bittrex with repeatedly breaking security regulations.
In a filing submitted on May 8 to the United States Bankruptcy Court for the District of Delaware, Bittrex reported that it has more than 100,000 creditors, $500 million to $1 billion in assets, and $500 million to $1 billion in liabilities as part of the bankruptcy process.
The bankruptcy involves its Seattle-based firm Bittrex, Inc, two Bittrex entities in Malta, and a related entity Desolation Holdings LLC. The filing does not contain Bittrex Global GmbH, the Liechtenstein-based global trading exchange firm.
Last month, the SEC filed a lawsuit against Bittrex in federal court, alleging that the exchange violates the regulations of the regulator from 2017 through 2022 while earning at least $1.3 billion in revenue. The SEC claimed Bittrex occasionally operated as a brokerage, exchange, and clearing agency but failed to file any required paperwork.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
