Bittrex Inc. filed for Chapter 11 bankruptcy protection in Delaware on Monday, just under a month after the Securities and Exchange Commission charged the company with running an unregistered exchange.
The court filing stated that the company had assets and liabilities estimated to be worth between $500 million and $1 billion, with more than 100,000 creditors.
Additionally, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. also filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
Prior to filing for bankruptcy, Bittrex had announced plans to cease U.S. operations, blaming the country’s regulatory environment.
The exchange had once been one of the largest in the U.S., with a market share of USD support of nearly 23% at the start of 2018. It has since collapsed to below 1%, and has yet to recover.
The bankruptcy filing, however, will not affect Bittrex Global, according to a Bittrex Inc. spokesperson.