What is known about the insolvency of Bittrex
In April, the cryptocurrency platform announced that it was ceasing its activities in the United States. She explained this by the fact that there is no regulatory certainty. Immediately after that, the SEC filed a lawsuit against the site. She stated that the exchange violated local laws.
Last month, the site declared itself bankrupt by filing a corresponding application to the court. The data indicated that the exchange has 500 million-1 billion dollars of funds and liabilities. At the same time, she has more than a hundred thousand creditors. At the same time, the exchange added that the assets of US users are stored on its account, since they did not withdraw them until the end of April.
After the platform filed an application for its insolvency, it asked the court to allow users to withdraw their funds. At the same time, they should not bear the costs that will appear as a result of restructuring.
However, the authorities were against this. After all, the exchange has not repaid the debt to FinCEN. The amount of debt is 5 million. Note that this is only 1/6 of the amount of debt that the exchange decided to pay in order to settle the charges.
