According to a May 8 filing by Bittrex Inc.. to U.S. Bankruptcy Court in Delaware County.
The exchange now has more than 100,000 creditors and assets ranging from $500 million to $1 billion. The exchange’s liabilities also range from $500 million to $1 billion.
The bankruptcy covers Bittrex Inc in Seattle, two Bittrex companies in Malta.
And Desolation Holdings LLC. Bittrex has asked the court to allow the withdrawal of funds to customers who did not have time to do so before the site was shut down.
Bittrex executives said the bankruptcy does not affect its operations outside the U.S..
As for Bittrex Global GmbH, an international company based in Liechtenstein, it was not included in the application.
Therefore, Bittrex Global will continue to operate as usual for customers outside the U.S.
Bittrex filed for bankruptcy nearly a month after the U.S. Securities and Exchange Commission (SEC) accused the company and its co-founder William Shihara of violating securities laws.
And failing to register as a broker-dealer and clearing agency. Due to the difficult regulatory environment, Bittrex has stopped working with U.S. customers.
Recall that last October the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department fined the exchange $29 million for violating the Bank Secrecy Act.