The 'Nissan Cube' of Crypto Exchanges Files for Bankruptcy

Article source, here.

TL;DR

• On Monday, the Bittrex exchange filed for Chapter 11 Bankruptcy.

• Bittrex, unlike some crypto exchanges *cough* FTX *cough*, had only a tiny piece of marketshare.

• Their 24-hour trading volume was around $5 million, making it just the 82nd largest digital asset exchange.

• Which is kind of like the Nissan Cube going out of production - some will miss it, but most won't even notice.

Full Story

Goddamnit - another US-based crypto exchange bites the dust.

On Monday, Bittrex filed for Chapter 11 Bankruptcy.

In its filing it said it had more than 100,000 creditors with estimated liabilities and assets both within the $500 million to $1 billion range.

Which sucks!

But here's why this news isn't actually that bad:

A few weeks back, the SEC filed charges against Bittrex for operating as an exchange, broker and clearing agency, without having officially registered as any of the above in the US.

They're some pretty hefty charges, so this news isn't entirely unexpected.

More importantly, Bittrex, unlike some crypto exchanges *cough* FTX *cough*, had only a tiny piece of the pie.

Their 24-hour trading volume was around $5 million, making it just the 82nd largest digital asset exchange.

(Which is kind of like 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.

Then again - lets hope this doesn't happen too many more times!