Power Ledger-linked crypto exchange files for bankruptcy
Bittrex, a Seattle-based cryptocurrency trading platform that generated $US1.3 billion ($1.9 billion) revenue, filed for bankruptcy on Monday after being sued by the US Securities and Exchange Commission (SEC) for allegedly operating as an illegal stock exchange.
In a lawsuit that triggered the bankruptcy filing, the SEC cited Bittrex’s decision to allow customers to trade in crypto tokens issued by Perth-based Power Ledger as evidence that it deliberately avoided regulation.
A previous version of this article said Power Ledger’s tokens had fallen 60 per cent over the past five years. It should have said over the past 20 months.
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