The BitMEX exchange has been accused of manipulation and misappropriation of 622.66 BTC. The class-action lawsuit was filed in the Southern District of New York by BKX Services and David Namdar.
BKX Services claims a financial loss of 305.81 BTC, while Namdar claims 316.85 BTC.
According to the plaintiffs, BitMEX intentionally created a system to profit from liquidating clients' positions. The lawsuit states that the exchange's internal trading desk had access to users' confidential data. Traders on the platform could execute trades even during server "hangs," when regular clients were unable to manage their positions.
The plaintiffs further allege that the exchange forcibly closed leveraged trades up to 100x even when collateral exceeded losses by twofold. Reportedly, the remaining funds were directed to the platform's insurance fund, generating income for the company.
The claimants are seeking the return of the withheld bitcoins and compensation. The lawsuit covers American clients who traded swaps on the first cryptocurrency since July 2018.
These accusations come amid news of BitMEX's impending closure. The platform will shut down on September 23 after 11 years of operation.
The exchange's owner, HDR Global Trading, attributed this decision to a "strategic business analysis." Starting August 26, users will be prohibited from opening new positions.
In July, the platform already conducted a mass delisting of crypto derivatives and spot pairs due to low trader interest.
It is worth noting that in January 2025, the U.S. Department of Justice fined HDR Global Trading Limited $100 million for violating the Bank Secrecy Act.
In March, U.S. President Donald Trump pardoned three co-founders of BitMEX — Arthur Hayes, Benjamin Delo, and Samuel Reed.