Popular crypto company files for Chapter 15 bankruptcy as Bitcoin crashes

Market Overview - The cryptocurrency market experienced a significant crash, with the total market cap falling to $3.13 trillion as of November 20 [1] - Bitcoin (BTC) dropped below the $87,000 mark, reflecting a 2.45% decrease in the last 24 hours [1] Liquidation and Impact - Over the past 24 hours, more than $370 million in BTC positions were liquidated, contributing to a total of over $900 million in crypto positions being wiped out [2] - The market crash has severely affected both long-term investors and small retail traders, leading to substantial losses in their crypto holdings [2] Company Developments - DappRadar, a decentralized application analytics platform, announced its decision to wind down operations due to financial unsustainability in the current market environment [3] - Rental Coins, a Brazilian crypto company, has filed for Chapter 15 bankruptcy in the U.S. to recover assets amid its financial troubles [4][6] Bankruptcy Details - The Chapter 15 bankruptcy filing was made in the U.S. Bankruptcy Court for the Southern District of Florida on November 18, with the aim of tracing crypto transactions and recovering assets lost in a pyramid-style fraud [5][6] - Authorities in Brazil have accused Rental Coins of running a fraudulent investment scheme and mismanaging customer funds, with a former manager already serving a prison sentence for his involvement [6]