TL;DR
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On Monday, the Bittrex exchange filed for Chapter 11 Bankruptcy.
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Bittrex, unlike some crypto exchanges *cough* FTX *cough*, only had a small piece of market share.
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Their 24-hour trading volume was around $5 million, making it only the 82nd largest digital asset exchange.
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Which looks a bit like the Nissan Cube going out of production – some will miss it, but most won’t even notice.
Full story
Goddammit – another US-based crypto exchange bites the dust.
On Monday, Bittrex filed for Chapter 11 Bankruptcy.
In his submission it said it had more than 100,000 creditors with estimated liabilities and assets between $500 million and $1 billion.
That’s stupid!
But here’s why this news isn’t actually That bad:
A few weeks ago, the SEC filed charges against Bittrex for operating as an exchange, broker, and clearing house, without officially registering as one of the above in the US.
These are pretty hefty charges, so this news isn’t entirely unexpected.
More importantly, unlike some crypto exchanges *cough* FTX *cough*, Bittrex only had a small slice of the pie.
Their 24-hour trading volume was around $5 million, making it only the 82nd largest digital asset exchange.
(Which is somewhat similar to the Nissan Cube going out of production – some will miss it, but most won’t even notice).
So while this isn’t great news, it’s not the worst either.
On the other hand – let’s hope this doesn’t happen too often anymore!
