The lawyer, who handled the case after Bittrex went bankrupt, made statements about the withdrawal of the stock market.
The filings of the exchange, which recently filed for Chapter 11 bankruptcy, began to be examined. It was announced that after the company filed for bankruptcy, it has made very serious withdrawals since April 1st.
Bittrex Has Withdrawn $425 Million Since April 1
The cryptocurrency exchange filed for bankruptcy protection earlier this week. But no client funds were reused, he said.
Bittrex’s attorney told a Delaware bankruptcy court on Wednesday that the US and Malta branches of Bittrex have processed $425 million in withdrawals since the exchange announced that it would shut down US operations around April 1.
The exchange filed for bankruptcy on Monday, citing regulatory uncertainty, after its assets under management fell nearly 80 percent in just two years.
Susheel Kirpalani, who represents Bittrex, stated that the firm did not suffer the kind of misconduct claimed by others in the crypto industry and perhaps suffered financially because of it.
Kirpalani said in his statements:
“Bittrex has not mortgaged, loaned, or risked its customers’ deposits. As a result, it also has difficulty generating revenue, especially if the regulatory environment in which it operates restricts or begins to question its ability to allow trade.”
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