An industry source says that despite the application, the company may not have begun legal proceedings.
Ofo has released a revamped app featuring e-commerce offerings on JD.com and Tmall through which users can ‘earn’ back their deposits by shopping rebates.
The Chinese bike rental firm is reportedly preparing for its bankruptcy reorganization plans.
According to media reports, ofo used the cryptocurrency to cover its mounting losses.
ofo says the claims are untrue but admits to graying out the refund button to retain users.
The company started backpedaling shortly after rumors of a cash crisis began to proliferate, shutting down operations in markets around the world.
The bike rental giant is currently in negotiations about merging with Hello TransTech, previously known as HelloBike.
According to one source, ofo will find it difficult to provide a “valuation under an assumption of continuous operations.”
Records publicized on Wednesday show the extent of Ofo’s insolvency, which has affected millions of users.
Users can convert their deposits to virtual coins to buy everyday items such as coffee or wine.