2023-09-15 16:52:34
© Reuters. US Secret Service had millions in cryptocurrencies in bankrupt Bittrex
CriptoFácil – Bittrex, one of the oldest exchanges in the cryptocurrency market, filed for Chapter 11 of the United States Bankruptcy Code in May 2023. Many attributed the platform’s downfall to regulatory pressure from the US Securities and Exchange Commission (SEC).
However, the most intriguing aspect of this story is the revelation that the United States Secret Service had millions of dollars worth of cryptocurrencies on Bittrex.
Patricia Tomasco, lawyer for Bittrex US, revealed these numbers during a Delaware court hearing on September 13, 2023. According to her, the US Secret Service, responsible for the US president’s security, had $6.2 million in cryptocurrencies in your Bittrex wallet.
Luckily for them, the organization quickly withdrew its funds after being notified of Bittrex’s bankruptcy and withdrawal clearance.
Despite the Secret Service’s million-dollar withdrawal, Bittrex believes it will remain profitable, mainly due to the low interest of other users in withdrawing their funds.
Tomasco is confident that the company will be able to cover its bankruptcy-related expenses and possible fines that could be imposed against it.
Bittrex case
The lawyer highlighted that only 2% of users of the now-defunct cryptocurrency exchange chose to withdraw their funds, a statistic that is drawing the attention of the company’s experts and lawyers.
According to Tomasco, only 36,000 of the more than 1.6 million users registered on the platform have formally requested the withdrawal of their assets. This has resulted in just over $143 million worth of cryptocurrencies being withdrawn since last May.
This statistic is even more surprising when you consider the large number of users who were instructed four months ago to withdraw their funds from the exchange following its bankruptcy. Tomasco highlighted that if users do not request the withdrawal of their funds by the established date, they will be used by the exchange to cover debts and other operational costs.
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