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Crypto Exchange Bankrupt, Bittrex Gets Permission to Borrow IDR 102.8 Billion Bitcoin

Liputan6.com, Jakarta Bankrupt cryptocurrency exchange Bittrex Inc received court permission on Wednesday to borrow USD 7 million or the equivalent of IDR 102.8 billion (assuming exchange rate of IDR 14,697 per US dollar) in bitcoin to mark its chapter 11 bankruptcy.

Seattle-based Bittrex filed for bankruptcy on Monday, May 8, 2023 saying it intended to refund customers and cease its US operations.

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The company’s international affiliates will continue to operate a crypto exchange for customers outside the US, but Bittrex said the US regulatory environment became untenable after the SEC sued the company for allegedly running unregistered securities.

Prior to filing for bankruptcy, Bittrex stopped accepting new deposits from US customers and notified existing users to withdraw their crypto from the platform.

Bittrex’s US operations make up a minority of its users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77 percent of the company’s 5.4 million users as of March 27, according to court filings.

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“Bittrex believes the company has enough cryptocurrency to fully pay all of its remaining customers, and the bankruptcy loan will ensure a seamless termination that protects customer assets, Bittrex attorney Susheel Kirpalani told US Bankruptcy Judge Brendan Shannon, quoted from Yahoo Finance, Friday ( 12/5/2023).

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Shannon agreed to the loan in the interim, allowing Bittrex to borrow 250 bitcoins from its parent company Aquila Holdings, which did not file for bankruptcy.

Bittrex will seek permission to borrow an additional 450 bitcoins at a June hearing, and the total value of the proposed loan is USD 19.7 million or equivalent to Rp. 289.5 billion based on the price of bitcoins when filing for bankruptcy.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.

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Crypto Exchange Bankrupt, Bittrex Gets Permission to Borrow IDR 102.8 Billion Bitcoin

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