What is a Proof of Debt (POD)?
A Proof of Debt (POD) is the official process in which creditors of Bittrex Global Bermuda can verify their debt and file a claim for their funds with the Joint Liquidators (JLs). This is a process that is governed by Bermuda law.
How can I view my account balance?
Upon logging in to your account, you will be presented with your account balances and prompted to either approve or dispute these balances via the Proof of Debt claims process outlined below.
How can I claim my funds from Bittrex Global and withdraw?
To claim your remaining funds, you will need to first file a POD with the JLs. The POD Submission Window is expected to last 8 weeks and will begin on 15 October 2024. The last day to submit claims will be on 10 December 2024. It will not be possible to submit a POD after this date.
How can I submit a Proof of Debt (POD)?
When you log in, you will find a POD form, pre-populated with the funds that our records show are held in your account. This will be one or more digital assets. If you agree with the amounts shown, simply click the green button that states, “I agree with the information and hereby submit my POD”. By clicking this button, you are stating that you agree with the information and balances presented. Doing this means you are not entitled to file a future dispute over your funds.
Once submitted, you will be provided with a claim number for your reference and a confirmation email will also be sent.
You will then be presented with a link on the POD confirmation page to enter your withdrawal addresses. Navigate to each specific currency and enter the withdrawal addresses and memos (if required) for each type of digital asset.
What happens if I disagree with the account balance?
If you disagree with the balances shown in your pre-populated POD, you may file a dispute by clicking the red button that states, “I disagree with the information.” You can then provide more information for the JLs to review, such as the balance(s) of each type of digital asset you believe you should have in your account, along with any supporting documentation you wish to provide.
If you dispute your Proof of Debt, you are permitted to return later during the POD Submission Window and rescind your dispute and agree with the amounts originally set out in the pre-populated POD. Simply log back in to your account, and you will be presented with the option to rescind the dispute and agree with the amounts presented. If your POD is already under review by the JLs, you may not be able to rescind your dispute; in this case, you must wait for the review to be completed.
Once you have submitted your dispute, you can click the link to enter your withdrawal addresses and memos (if required) for each type of digital asset.
What happens next?
The JLs will review all submitted PODs. Where a dispute has been submitted, the JLs will review the dispute and all supporting documentation, and make a determination on what you are owed and able to withdraw. PODs that have been approved by the JLs will proceed to the withdrawal phase, and all approved amounts will be available for withdrawal during the Distribution Window.
When can I withdraw after I submit my POD? When is the final date for withdrawals? What happens if I miss this date?
The Distribution Window to withdraw funds for approved PODs should open on 7 January 2025 at the earliest. Creditors with approved claims will have 12 weeks to withdraw their funds.
If you have provided withdrawal addresses and memos (if required), and your account is in good standing when the Distribution Window opens, your withdrawals will be processed automatically and your funds will be sent to the specified addresses. This should be completed within five business days of the Distribution Window opening.
If you have not provided withdrawal addresses or memos (if required), or if your account is not in good standing when the Distribution Window opens, you will need to provide the addresses/memos, or bring your account into good standing (which may require you to provide information to verify your identity, provide source of funds information, or otherwise satisfy compliance requirements). Only once this is complete will you be able to initiate a withdrawal, which must be completed during the Distribution Window.
The last day for initiating withdrawals will be 12 weeks after the Distribution Window opens. The exact date will be published here when the Distribution Window opens. If you do not withdraw your funds for an approved POD during the Distribution Window, you will no longer have access to these funds, and they will not be recoverable.
Will Bittrex Global Bermuda charge me fees?
Storage fees will begin accruing on your account starting the first day of the POD Submission Window, 15 October 2024. However, users that submit their PODs (undisputed and disputed) within the first two weeks of the POD Submission Window will have their storage fees waived. Customers who submit their PODs (whether undisputed or disputed) by 9:00 am (ADT) (Bermuda time) on Tuesday, 29 October 2024 will have all current and future storage fees waived. If you submit your POD after this date, storage fees will be charged automatically at the rate published on the website.
Bittrex Global will not take accounts into the negative with the storage fees, and anyone with less than $20 in any digital asset will have the entire balance for that digital asset taken in fees but will not owe further fees in that digital asset.
Storage fees are separate from withdrawal fees, which are fees associated with transacting on the blockchain. There will be a withdrawal fee for each digital asset which will be determined and published shortly before the Distribution Window opens. You will see the fees listed on the withdrawal page for each asset. Withdrawal fees are not subject to the fee waiver, and every user will be subject to these fees.
Withdrawal fees will be applied automatically and will reduce the amount returned to you. If you do not hold enough of a given digital asset to cover the withdrawal fee, you will not be able to withdraw, and you will not receive those funds. Fees will only be taken in the currency being withdrawn and will not be taken into the negative.
Whom should I contact if I have a complaint about this process?
You may reach out to the JLs via their liquidation portal. Please visit: Creditor updates | Grant Thornton LLP. The site provides email addresses for the JLs.
Questions on withdrawals
How do I withdraw my digital asserts from the platform? Can you send it to my bank account? Can you just send me a check for my remaining balance?
For step-by-step instructions on how to withdraw your digital assets, please review this article. Withdrawals of digital assets to bank accounts are not supported. Additionally, we are unable to convert your digital assets funds into fiat currency or other assets, so you must withdraw your funds as is from the platform. If you have additional questions specific to your withdrawals, please contact our support team here.
When will my withdrawals be available at their destination wallets after I approve the Proof of Debt and submit my withdrawals?
Withdrawals will be processed once the Distribution Window opens, which is expected to be on 7 January 2025 at the earliest. If you have provided withdrawal addresses and memos (if required), and your account is in good standing when the Distribution Window opens, your withdrawals will be processed automatically, and your funds will be sent to the specified addresses. This should be completed within five business days of the Distribution Window opening.
If you have not provided withdrawal addresses or memos (if required), or if your account is not in good standing when the Distribution Window opens, you will need to provide the addresses/memos, or bring your account into good standing (which may require you to provide information to verify your identity, provide source of funds information, or otherwise satisfy compliance requirements). Only once this is complete will you be able to initiate a withdrawal, which must be effected during the Distribution Window.
Please monitor your destination addresses/accounts to ensure the funds have been received. If you have not received your funds within 72 hours of initiating a withdrawal, please contact our support team here.
I have a small balance in my account, but I am unable to withdraw it, why is that?
If your balance is below the withdrawal fees for a digital asset, you will not be able to withdraw it.
What if I make a mistake when submitting my withdrawals, like mistyping the address, can I retry?
You may be permitted to retry your withdrawal again if you submit an invalid address, provided that the Distribution Window is still open. We suggest that you ensure you are sending your funds to the correct address for the digital asset type and ensure the network is supported as well prior to sending. Supported networks for most digital assets will be reflected in the wallet notice displayed when you are on the withdrawal page for that digital asset. Additionally, if a memo or destination tag is required, this information should also be listed.
Digital assets sent in an unsupported manner will not be recoverable under any circumstances. If you still have questions about supported networks and digital asset types, please contact our support team here.
Other Frequently Asked Questions
Why did Bittrex Global Bermuda decide to go into liquidation?
In November 2023, Bittrex Global announced its decision to wind down operations. See full statement here. As part of our commitment to ensuring an orderly wind down, we have handed over to third-party liquidators under a court supervised process to oversee the company’s dissolution.
Why does this only apply to Bittrex Global Bermuda and not Bittrex Global Liechtenstein?
Bittrex Global is registered as separate companies in Bermuda and Liechtenstein. Different legal requirements apply in those two jurisdictions, and so the precise manner in which the wind-down of the companies takes place differs. Completing the wind-down in Bermuda requires handing over to a third-party liquidator who will oversee the wind-down and help ensure that all assets are distributed as quickly and efficiently as possible.
How do I know if I hold my account with Bittrex Global Bermuda or Bittrex Global Liechtenstein?
Log-in to your account, click on the down arrow next to your email at the top-right of the page, and click on 'Account Settings'. You will be taken directly to the 'My Profile' page. This page lists account specific details, such as your name, and username. You will see which entity your account is associated with under 'Exchange'.
How does this affect Liechtenstein customers?
This only applies to users of Bittrex Global Bermuda.
Why did you appoint Grant Thornton?
Grant Thornton is one of the world’s leading providers of liquidation and restructuring solutions. We have every confidence that they’re the best people for the job and applied to the Supreme Court of Bermuda Court to appoint three individuals from that firm accordingly.
Who has been appointed from Grant Thornton?
The court application nominated Margot MacInnis, Andrew Howie, and Carmel King to be appointed as joint liquidators of Bittrex Global Bermuda.
How are Bittrex Global users impacted by this news? Are their funds safe?
The appointment of Grant Thornton does not place any user funds at risk, and in fact the point of handing over to independent court supervised liquidators is to ensure the efficient and just wind-down of Bittrex Global and expeditious distributions.
Didn’t Bittrex / Bittrex Global already announce that it was closing down last year?
Yes. Bittrex U.S. and Bittrex Global, two separate entities, both announced that they intended to shut down in 2023.
Bittrex U.S. operated in the U.S. until it announced in March 2023 that it was winding down operations citing regulatory uncertainty.
Separately, in November 2023, Bittrex Global made the decision to wind down its operations. The appointment of Grant Thornton is an important step in this process.
What is the difference between Bittrex and Bittrex Global — are they not the same company?
Bittrex U.S. and Bittrex Global are legally and operationally distinct.
Bittrex, Inc. (known as Bittrex U.S.), served U.S. customers until it ceased operations last year. Bittrex Global was launched to serve customers outside the U.S.
Is Bittrex Global Bermuda bankrupt?
No. Bittrex Global Bermuda is not bankrupt or insolvent; the application to appoint joint liquidators was entirely voluntary and on a solvent basis. The appointment of an independent, third-party liquidator at this stage under a court supervised wind-down is a visible commitment of Bittrex Global Bermuda to doing things the right way and ensuring independent oversight in the process of returning the final remaining assets and orderly winding up the company.
Which Customers will be affected by this news?
Customers with a balance who have completed the Know Your Customer (KYC) verification process and accepted the latest Terms of Service can login to their account and download their order history. Customers that have not completed their KYC verification or accepted the latest Terms of Service will be given the option to do so upon log-in.
Customers without a balance will be able to log in to their accounts and download their account history. No additional account features will be available. While Bittrex Global does not provide tax advice, we note that you should retain a copy of your account history even if you do not currently have a balance for tax reporting purposes.
Account Troubleshooting
I no longer have access to my 2FA, how can I get access to my account?
Please review this article for more information on how to disable 2FA if you no longer have access to your previous 2FA device.
I don’t seem to be receiving emails from Bittrex Global or I no longer have access to my account email; how can I get access to my account?
For email troubleshooting, please review this article. If you are unable to resolve the issue, or you no longer have access to your old account email, you will need to perform an email change. Please contact our support team to begin the process.
I have forgotten my password; how can I gain access to my account?
This article has information on common log in issues.
I have additional questions not covered in the above, who can I reach out to?
Please contact our support team here to open a ticket for more information.