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Bittrex Filing for Bankruptcy Amidst Legal Challenges

Archire Tectre — Tue, 09 May 2023 08:37:40 +0000

Seattle-based crypto exchange, Bittrex Inc., has recently filed for Chapter 11 bankruptcy in Delaware, marking a significant event in the crypto industry. This comes on the heels of a lawsuit by the U.S. Securities and Exchange Commission (SEC), adding to the company’s woes. Despite these challenges, Bittrex’s international arm, Bittrex Global, is set to maintain its operations, serving customers outside the United States.

Bittrex Bankruptcy: What’s Happening?

Bittrex Inc. sought protection under Chapter 11 bankruptcy, a move triggered by significant financial liabilities ranging between $500 million and $1 billion. The decision follows a lawsuit from the SEC, accusing Bittrex of violating federal securities laws by operating as an unregistered national securities exchange, broker, and clearing agency. Notably, these charges were leveled despite Bittrex winding down its operations within the United States.

According to a press release from the beleaguered exchange, all client assets remain secure on the platform. Bittrex plans to make these assets available to customers once the Bankruptcy Court approves the method of funds distribution. Richie Lai, Co-founder and CEO of Bittrex, emphasized that the company still holds 100% of all customer funds and assured that a claims process would be established through the bankruptcy courts.

Bittrex’s Financial Obligations and Future Operations

An interesting revelation in Bittrex’s bankruptcy petition is its considerable debt to the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC). Bittrex owes the OFAC nearly $25 million, arising from a settlement reached in October last year concerning alleged violations of multiple sanctions programs and non-compliance with anti-money laundering requirements.

Despite the bankruptcy filing by Bittrex Inc. and affiliated entities, including Desolation Holdings LLC and Bittrex Malta Holdings Ltd, Bittrex Global will continue its operations. The international entity aims to serve non-U.S. customers, maintaining its usual operations amidst the financial challenges faced by its U.S. counterpart.

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Subscribers of Hanguk Kyungjae will receive crypto tokens

Anna B. — Tue, 06 Apr 2021 13:57:11 +0000

Hanguk Kyungjae, one of the leading financial daily newspapers in South Korea, announced that its subscribers will receive crypto tokens, Crypto News reports. According to the source, the newspaper will reward its readers with KLAY tokens. Users will receive KLAY for subscribing to the paper’s print and online editions.

The move has been possible thanks to the partnership with GroundX, a blockchain subsidiary of Kakao Corporation, the source says. Citing the report in Hanguk Kyungjae, the source says subscribers will be able to receive 10% of their monthly subscription price in crypto tokens KLAY. Moreover, users who install Klip wallet in their KakaoTalk app will get additional rewards.

Klip is a cryptocurrency wallet in the Korean chat app KakaoTalk. The project started in June last year and reached 0.75 million users across the globe in March of this year.

KLAY token ranks #18 with a market cap of around $8 billion on CoinMarketCap.com. Moreover, it has a listing on such crypto exchanges as Bittrex, Liquid, OKEx, and Gate.io, per CoinMarketCap.com data. It is trading at around $3.27 at the time of writing.

Klaytn, Kakao’s blockchain project behind the cryptocurrency KLAY, has recently become the first public platform besides Ethereum to be integrated with OpenSea. The integration of Klaytn with the largest NFTs marketplace will allow users to purchase and sell NFTs powered by Klaytn using KLAY tokens.

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XRP supporters take to social media with “Relist XRP” hashtag

Anna B. — Tue, 23 Mar 2021 08:11:10 +0000

Supporters of XRP, cryptocurrency by Ripple, started a movement on social media to persuade crypto exchanges to relist the token, CoinTelegraph.com reports. The so-called XRP Army created a hashtag “Relist XRP” for sharing on social platforms. Citing a user of Twitter MackAttackXRP, the source says the hashtag has already appeared in several countries. In particular, this includes over 20,000 tweets in Australia, over 30,000 tweets in the U.S., and over 35,000 tweets in the Netherlands.

In December 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple, along with the company’s CEO and chairman, for an illegal securities offering of XRP worth $1.3 billion. Since then, the SEC also amended its initial complaint to add accusations of XRP price manipulation. Earlier in March 2021, both the CEO and the chairman filed two separate motions to dismiss the lawsuit. In addition, more than 6,000 XRP supporters attempted to intervene in the proceedings, but their motion was declined.

According to CoinTelegraph.com, a number of cryptocurrency exchanges delisted XRP or halted its trading after the announcement of the lawsuit. In particular, the source names such exchanges as Coinbase, Bitstamp, Binance.US, Bittrex, eToro, OKCoin, and more.

XRP is the seventh-largest cryptocurrency on CoinMarketCap.com, trading at around $0.574 at the time of writing.

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