Crypto exchange Bittrex declares bankruptcy

Sued by the US regulator SEC, crypto exchange Bittrex has just filed for bankruptcy in the US state of Delaware.

It seems that the crypto winter continues, a cycle that we are living at the time of writing. This winter that began in late 2021 with a drop in the value of BTC of almost 78%.

As for Bittrex, it is being pursued by the US regulator. Indeed, as usual in recent years, the Securities and Exchange Commission (SEC) continues its fight against crypto platforms.

On March 31, the platform announced the cessation of operations for its U.S. version, citing a climate of regulations too marked and an inadequate economic environment. However, the exchange had reassured its US-based community that users’ funds were safe and should be withdrawn by April 30.

Following the shutdown, crypto-exchange Bittrex, which is facing lawsuits in the United States, filed for bankruptcy in the state of Delaware.

Bittrex, and several of its subsidiaries, filed for bankruptcy Monday night in the US. The company’s ‘non-US’ operations are not affected, according to a statement.

In its bankruptcy filing, the exchange founded in 2014 says it has more than 100,000 creditors and liabilities/assets of up to $1 billion.

For users who did not withdraw their funds from the platform by the end of April, your funds remain safe and secure […] While the bankruptcy court will ultimately decide the method by which these funds can be claimed and distributed, we intend to ask the court to activate these accounts as soon as possible so that customers meeting the regulatory requirements can withdraw them,” Bittrex reported.