The US authorities did not agree with the Bittrex plan regarding the withdrawal of user funds

US officials are against the crypto platform's request to allow users to withdraw their assets before the bankruptcy restructuring plan is approved.

What's going on with Bittrex?

At the beginning of May this year, the cryptocurrency platform went to court to declare bankruptcy. The lawsuit states that assets with liabilities of the site can reach 500 million – 1 billion dollars. At the same time, she has more than a hundred thousand creditors.

This situation has arisen as a result of a number of events. So in April, the platform announced that it was ceasing its activities in the United States, since the regulator could not decide on its actions. After that, the SEC filed a lawsuit against the exchange with the accusation that it violates American law.

After ploshchdka filed an application for her insolvency, she made an appeal to the court. It was a request to allow users to withdraw their assets without additional expenses and costs that will arise due to the restructuring.

Lawyers believe that the exchange has about 50 million in ordinary dollars and about 250 million in cryptocurrencies. At the same time, the site has its own branch in Malta, which is additionally observed in the case. He has about $120 million. These funds should be sufficient to pay off all the creditors' needs.

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