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The cryptocurrency market crash took a drastic turn as the total market cap dropped to $3.13 trillion on Nov. 20.
Bitcoin (BTC) crashed below the $87,000 price mark, down 2.45% in the last 24 hours.
Within the last 24 hours, more than $370 million in BTC positions have been wiped out. Overall, crypto positions worth more than $900 million have been liquidated.
The shocking market crash has led to the entire crypto holdings of several long-term whales and small retail traders getting wiped out.
As reported earlier, the decentralized application (dApp) analytics platform, DappRadar, decided to wind down as running a large organization has become "financially unsustainable" in the "current environment."
Now, another crypto company has filed for Chapter 15 bankruptcy in the U.S.
Crypto company files for Chapter 15 bankruptcy
Rental Coins, a collapsed Brazilian crypto company, has filed for Chapter 15 bankruptcy in the U.S. to help it recover assets.
Chapter 15 is designed for cross-border insolvency cases, allowing foreign companies undergoing bankruptcy proceedings abroad to protect their U.S.-based assets.
Rental Coins filed a petition for relief in the U.S. Bankruptcy Court for the Southern District of Florida by a Brazilian court-appointed judicial administrator on Nov. 18.
The Rental Coins estate aims to trace crypto transactions and recover assets lost in a large-scale pyramid-style fraud in the U.S.
The crypto company operated an investment program offering high returns. But authorities in Brazil accused the platform of running a fraudulent investment scheme and mismanaging customer funds. A former manager at Rental Coins is already serving a prison sentence for his role in the crypto fraud.
The estate said it decided to file for Chapter 15 bankruptcy in a U.S. court so that it can protect remaining assets and ensure an orderly restructuring under the court supervision.
This article has been published in TheStreet via Yahoo News.
Popular crypto company files for Chapter 15 bankruptcy as Bitcoin crashes
The cryptocurrency market crash took a drastic turn as the total market cap dropped to $3.13 trillion on Nov. 20. Bitcoin (BTC) crashed below the $87,000 price mark, down 2.45% in the last 24 hours. Within the last 24 hours, more than $370 million in BTC positions have been wiped out. ...
finance.yahoo.com
