MOST RECENT

BitMEX Hit With 623 BTC Lawsuit on the Same Day It Announces Shutdown

By Silvanus Sunday

CLOSED

Crypto exchange BitMEX is facing a new legal challenge just as it prepares to close its doors.

On the same day the company announced it will shut down its exchange operations later this year, two former users filed a proposed class-action lawsuit seeking the return of 622.66 Bitcoin (BTC), claiming they suffered unfair liquidations on the platform.

The lawsuit alleges that BitMEX's liquidation system was designed in a way that benefited the exchange by transferring customers' remaining collateral into its insurance fund after their positions were forcibly closed.

According to the complaint, one plaintiff claims losses of 305.81 BTC, while the other alleges losses of 316.85 BTC, bringing the total amount in dispute to nearly 623 BTC.

The filing also alleges that an internal trading desk had access to non-public customer information and was able to continue trading during periods when some users were unable to access the platform because of server issues.

These are allegations made in the lawsuit, and BitMEX has not admitted wrongdoing.

The case also revives accusations similar to an earlier lawsuit filed against the exchange in 2020. That case was later dismissed without prejudice, allowing similar claims to be brought again.

The legal action comes as BitMEX confirmed it will shut down on September 23, 2026, following what its parent company, HDR Global Trading, described as a strategic review of the business.

The exchange has already stopped accepting new user registrations and is encouraging existing customers to close their positions and withdraw their assets before operations officially end.

BitMEX did not link its decision to shut down with the lawsuit. In its announcement, the company said the closure followed an internal review and changing conditions within the cryptocurrency industry.

Founded in 2014, BitMEX was once one of the most influential cryptocurrency derivatives exchanges, helping popularize high-leverage Bitcoin trading. While its influence has declined in recent years as competition increased and regulations tightened, the platform remains one of the best-known names in the history of crypto trading.

As BitMEX prepares to end its operations, the outcome of the new lawsuit could become one of the final chapters in the exchange's long and controversial history.

Comments

Post a Comment

Popular posts from this blog

BuilderFi – what it is and what it does

By Silvanus Sunday
Image
DeFi's Real Problem Is Not Access. It Is Execution. Most people in crypto know exactly what they should be doing. They understand the concepts. They see the opportunities. They just cannot act on them fast enough. Rebalancing a liquidity position at 3am. Collecting fees that should have been claimed hours ago. Reacting to market moves while you are asleep. The operational overhead of DeFi is exhausting. This is the gap BuilderFi is trying to close. Sponsored Article "If you are tired of managing DeFi manually, this is worth your time". Join The Waitlist → What Is BuilderFi? BuilderFi is an automation layer for DeFi. Users describe a strategy in plain English or drag components together on a visual canvas. The platform handles everything from signal to settlement: opening positions, setting ranges, monitoring markets every block, rebalancing, hedging, rotating venues, and compounding earnings. Think of it as a command center for your DeFi activity. Instead of j...
Read more

Erling Haaland Is Doing More Than Scoring Goals. He's Building Wealth

By Silvanus Sunday
Image
  When you hear the name Erling Haaland , you probably think about football. You think about goals, speed, strength, and his incredible performances for Manchester City and Norway. But there is another side of Haaland that many people don't know. Away from football, he is quietly building wealth by investing his money instead of simply spending it. At just 25 years old, Haaland is already thinking about life after football. And that is something everyone can learn from. He Doesn't Keep All His Money in the Bank Many footballers become rich, but not all of them stay rich. Some spend millions on expensive cars, jewellery, and luxury holidays. Haaland enjoys a good life too, but he also puts his money into things that can become more valuable over time. This is called investing. Instead of letting his money sit in the bank, he makes it work for him. His Latest Investment Is in Chess One of Haaland's newest investments surprised many people. Earlier this year, he...
Read more

Yong Social: What We're All About.

By Silvanus Sunday
Image
Founded in 2026 by Silvanus Nzubechi Sunday , Yong Social is a  technology, information, and media company building digital products and media platforms that help people discover information, opportunities, and participate in the digital economy. Founder Note: This is our first official product (Yong Social Finance)  independent digital media platform covering global markets, digital assets, investing, wealth creation, and the technologies shaping the future of finance. Yong Social Finance was founded with a simple but powerful mission: to make finance, cryptocurrency, and wealth building simple, honest, and actionable for everyone. Our editorial team delivers timely news, market analysis, educational content, and in-depth insights across cryptocurrency, personal finance, investing, passive income, and emerging financial trends. We are committed to making complex financial topics accessible to everyone—from beginners taking their first steps toward financial literacy to experi...
Read more