The firm estimated it had more than 100,000 creditors, between $500 million and $1 billion in assets, and between $500 million and $1 billion in liabilities.
U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware
Crypto exchange Bittrex has filed for bankruptcy in the U.S. state of Delaware, months after announcing it would wind down operations in the country and weeks after being sued by the Securities and Exchange Commission.
On the shutdown of Bittrex in the US and SEC actions — Bittrex Global CEO at Consensus 2023
Oliver Linch suggested jurisdictions with established frameworks for crypto and policymakers willing and able to use them were a potential winning combination for fledging firms.
Bittrex Global CEO Says Firm Will Fight SEC Charges, Did Not Serve U.S. Customers
The Securities and Exchange Commission has accused Bermuda-regulated Bittrex Global of failing to register as a securities exchange in a lawsuit targeting U.S.-based Bittrex Inc.
Pan-European crypto regulation is almost here: Law Decoded, Apr 17–24
The Markets in Crypto-Assets Act, also known as MiCA, was finally passed by the European Parliament.
What’s in the House Financial Services Committee’s Stablecoin Bill?
The House Financial Services Committee has finally unveiled its stablecoin legislation, proposing a framework for stablecoin issuers such as Circle and Tether to define how their offerings can be regulated by state and federal entities, while calling for a temporary ban on algorithmic stablecoins.
Crypto Companies May Use a Supreme Court Doctrine to Push Back Against SEC: Lawyer
Crypto firms are using the major questions doctrine as a way to fend off regulators, Jason Gottlieb, a partner at Morrison Cohen LLP, said.
SEC charges Bittrex with unregistered operations, calls six tokens securities
The U.S. Securities and Exchange Commission has filed a complaint against the Seattle-based exchange as Bittrex prepares to stop offering services in the United States.
Crypto Exchange Bittrex Violated Federal Laws, SEC Charges in Lawsuit
The U.S. Securities and Exchange Commission (SEC) alleged that crypto exchange Bittrex simultaneously operated a national securities exchange, broker and clearing agency in violation of federal statutes. Former CEO Bill Shihara and Bittrex Global GmbH are also facing charges.
SEC Warned Bittrex of Legal Action Before Firm Announced U.S. Exit: WSJ
The crypto exchange is set to shut down its U.S. platform on April 30 after nine years in operation.
US crypto exchange Bittrex faces potential action from SEC: Report
Bittrex already started winding down operations by the time it received a notice on potential action from the SEC, the general counsel said.
Crypto Exchange Bittrex to Wind Down U.S. Operations Next Month
Cryptocurrency exchange Bittrex will shut down its U.S. platform on April 30 after nine years of operation, the company announced on Friday.
Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood
Cathie Wood was impressed that Bitcoin “moved in a very different way” compared to the equity market in response to the recent banking crisis.
Protocol Labs, Chainalysis and Bittrex add to crypto layoff season
Crypto execs suggested that the “extremely challenging” times forced them to cut jobs in order to “weather this extended” crypto winter.
XRP Price Bucks Market Trend As Whales Move 161 Million Tokens
The XRP price is currently bucking the general market trend and is recording a small gain of around 2% over the last 24 hours. What is noticeable are massive movements by whales over the past few hours.
The cryptocurrency market is on shaky ground given the macroeconomic headwinds and the still not fully digested shock from the FTX collapse.
However, XRP investors don’t seem to care at the moment. On the other hand, data suggests that possibly whales have played their part in this development.
XRP Whales Surface
As the popular cryptocurrency tracker Whale Alert reports, a total amount of 160.6 million XRP was transferred over the past 24 hours. One transaction in particular is causing quite a stir.
According to WhaleAlert, Ripple transferred 50 million XRP from one of its wallets to an unknown wallet. The transaction is currently the subject of a heated debate, with some believing that Ripple may sell some of the XRP they hold.
50,000,000 #XRP (19,289,010 USD) transferred from Ripple to unknown wallethttps://t.co/72jMidOgOL
— Whale Alert (@whale_alert) December 7, 2022
An analysis using Bithomp shows that the cryptocurrency was moved to another wallet of the company (RL18-VN), which is normally used to move or sell the token outside the company.
In addition, whales transferred 35.6 million tokens from Bitstamp to an unknown wallet, as well as 40 million XRP worth about $15.3 million to the European exchange Bitstamp.
The Bitso exchange is one of Ripple’s oldest On-Demand Liquidity (ODL) partners, covering one of the most important payment corridors in Latin America: U.S.-Mexico.
The Bitstamp whale is linked to the U.S. exchange Bitrex, from where the transfer was made.
Remarkably, these whale transactions follow an even much larger series of transactions totaling 4.1 billion XRP yesterday, Wednesday. According to WhaleAlert and Bithomp, these tokens were transferred from Bittrex to Uphold, divided into 10 transactions with a maximum size of 500 million units.
500,000,000 #XRP (188,355,483 USD) transferred from #Bittrex to unknown wallethttps://t.co/IkmoFxoP3Y
— Whale Alert (@whale_alert) December 7, 2022
The reason behind the transfer is unclear, though it does not look like the transaction was made by an individual.
XRP/USD Shows Strength
At press time, the XRP price was sitting at $0.3859. The 24-hour trading volume currently hovers around $712 million.
With a market cap of $19.4 billion, XRP remains the seventh largest cryptocurrency.
In the 4-hour chart, the price of the token has managed to continue its uptrend after the FTX crash. Yesterday, the price marked a new higher low, confirming the uptrend.
For the moment, the most important resistance zone remains the area between $0.41 and $0.42. However, at the current price, XRP is still below the 50, 100 and 200 simple moving averages (SMAs).
For the bulls, it will be important to defend the uptrend line in the coming days.
US Treasury’s OFAC and FinCEN announce $29M in enforcement actions again Bittrex
Bittrex agreed to pay more than $29 million in a settlement with FinCEN, but the regulator said it will credit a $24-million payment “to settle its potential liability with OFAC.”
FTX, Bybit rise in web traffic despite overall traffic drop on CEXs
Web traffic on FTX surged 123% YoY, while major exchanges like Coinbase and Binance were down 46% and 40% traffic-wise, respectively.
Dubai to benefit from expanding crypto market, Bittrex Global CEO says
The United Arab Emirates has been cementing its presence in the digital asset industry recently with multiple efforts to further adopt blockchain-based technologies.
Bittrex Won’t Disclose Why It Withdrew Support for Dash, Zcash, Monero
As of today, zcash, monero and dash won’t be included among Bittrex’s tradable assets.
Bittrex to Delist Privacy Coins Monero, Dash and Zcash
While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to hide the activity of their users.