On May 8, Bittrex Inc. filed for Chapter 11 bankruptcy protection for its U.S.-based operations. The move comes three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange.
According to the filing, Bittrex had assets and liabilities each estimated to be worth between $500 million and $1 billion. It also stated that there were over 100,000 creditors.
The firm stated that it was still holding crypto assets of U.S. customers who did not withdraw funds before April 30, according to reports.
The funds are “safe and secure,” it said, adding that it intended to ask the court for a reopening of customer accounts to allow them to withdraw.
Bittrex Global Not Affected
The company also stated that its Liechtenstein-based offshore operations, Bittrex Global, were not affected by the bankruptcy filing. However, two other entities, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd., also filed for bankruptcy protection in the U.S.
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