Bittrex, a popular cryptocurrency trading platform, has filed for Chapter 11 bankruptcy protection in the District of Delaware, according to court filings made on May 8. Included in the bankruptcy are Bittrex, Inc’s Seattle-based entity, two Bittrex entities in Malta, and the Desolation Holdings LLC affiliated entity. The SEC claimed that Bittrex, Inc and Bittrex Global operated an unregistered securities exchange. Bittrex owes $24.2 million to OFAC, with the U.S. authority being the largest creditor in the bankruptcy. Bittrex is a crypto exchange that allows trading in cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.
