Cryptocurrency exchange Bittrex files for Chapter 11 bankruptcy
On Monday, the Bittrex Crypto Exchange formally declared bankruptcy in Delaware. This comes shortly after the Security Exchange Commission (SEC) charged Bittrex with repeatedly breaking security regulations.
According to a court document, Bittrex's assets and liabilities range from $500 million to $1 billion. Two additional Bittrex businesses, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd., also requested bankruptcy protection on Monday in the District of Delaware Office of the United States Bankruptcy Court.
The SEC filed a lawsuit against Bittrex last month, alleging that it was running an unlicensed exchange, broker, and clearing agency. With a market share of roughly 23% in USD support in 2018, Bittrex was formerly one of the bigger cryptocurrency exchanges in the US, but it hasn't surpassed 1% since 2021
The insolvency of the cryptocurrency exchange Bittrex coincides with recent legal troubles at other exchanges, most recently bitFlyer. Bittrex has not yet issued a statement regarding the new bankruptcy filing.