🔻 Bittrex US files for Chapter 11 Bankruptcy

Welcome to Coinsauce's crypto newsletter 📰 , where we serve up the latest news and insights in the blockchain space in a compact and concise newsletter daily so that you don’t miss a beat!

Trending Today 👇️ 

1. 🔒️ End of the road: Bittrex US files for Chapter 11 Bankruptcy

2. 😅 The return: Paxful to resume operations after a legal feud

3. 🔸 Bitcoin Fever: Binance to allow users to purchase ordinals

Bittrex US goes bust 🔻

Bittrex Inc., the U.S. crypto exchange that recently shut in the USA due to uncertain regulations, has now filed for Chapter 11 bankruptcy and officially entered the crypto cemetery alongside FTX, Celsius and Voyager! The latest development comes just a month after the exchange was hit with charges from the SEC for operating an unregistered securities exchange.

Founded in 2013, Bittrex was once considered one of the largest crypto exchanges in the industry but within the last 24-hours, trading volume was only $11.7 million, according to CoinGecko. (Small but mighty? Nah, just small 🙈)

The exchange finds itself in a bit of a tricky situation, with assets and liabilities estimated to be between $500 million to $1 billion and over 100,000 creditors to be satisfied. The exchange assures customers that any unwithdrawn funds remain secure, though the distribution of remaining funds is up to the bankruptcy court's discretion.

While Bittrex has hit a bump in the road, its international platform is okay for now. But this is another reminder that keeping your crypto on exchanges isn’t the way to go. Get a hardware wallet!

Back in business 😎 

Paxful, the OG P2P crypto exchange, is finally back in the game! After a legal battle between co-founders Ray Youssef and Artur Schaback forced the P2P exchange to shut down for a month, Paxful is gradually restoring its services.

While Artur hoped for a happy ending and for operations to resume, Youssef had other ideas and recommended new partners for the existing users. But now, a custodian is acting as a "tie-breaker" between the feuding co-founders to ensure Paxful can stay in the crypto game for good.

Ray Youssef has resigned and donated his shares to a fund to compensate Paxful shareholders, and the exchange has already restored access to 88% of funds.

We hope Paxful can bury the beef and focus on what matters - bringing top-notch crypto services to the masses 😅 Although the feud ended in a draw, the community scored a W!

Bitcoin Ordinals on Binance 🚀

Binance is jumping on the Bitcoin NFT bandwagon with its latest update to its NFT marketplace. Starting in late May, Binance will allow users to trade and purchase Bitcoin ordinals with their existing wallets. The update also promises royalty support and extra revenue opportunities for those creating Bitcoin ordinals.

Previously integrated with other decentralized networks like BNB Chain, Ethereum, and Polygon, Binance is taking the next big step with its decision to integrate with the Bitcoin network.

However, it seems like this time around, Binance is a tad bit late to the party, as marketplaces like Magic Eden have already integrated Bitcoin ordinals since March. But better late than never, eh!

With the exchange integrating the Lightning Network and now also embracing ordinals, it seems like the Bitcoin NFT tsunami is just getting started, and Binance is ready to ride the wave 🌊 

Meme of the day

Another exchange filed for bankruptcy

Thanks for tuning in to this edition of our crypto newsletter! Keep HODLing, and don't FOMO into any questionable projects. Remember, in the crypto world, the only certain thing is volatility, so manage your risk efficiently! Until next time, trade safe. 😅 

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.