BitMEX hit with 623 BTC lawsuit on day it announces shutdown
Cointelegraph 2026-07-24 05:20:11
Context: BitMEX, a cryptocurrency exchange, was hit with a lawsuit on the same day it announced its shutdown. The proposed class-action lawsuit alleges that BitMEX used privileged trading access and server freezes to profit from forced liquidations. The lawsuit seeks 623 BTC in damages.
Key Facts
- The lawsuit claims that BitMEX used privileged trading access to profit from forced liquidations, allegedly manipulating the market to its advantage.
- The proposed class-action lawsuit also alleges that BitMEX's server freezes contributed to the forced liquidations, which the plaintiffs claim were used to generate profits for the exchange.
- The lawsuit seeks 623 BTC in damages, a significant sum that underscores the severity of the allegations made against BitMEX on the day of its announced shutdown.