CZ: Regrets BitMEX Didn't Survive the "War on Crypto"

Odaily reported that CZ expressed regret over BitMEX's closure announcement, recalling that BitMEX pioneered the 100x leveraged perpetual contract in the crypto market in 2014, driving industry development.

CZ noted that BitMEX only supported BTC deposits and single-chain operations at the time, and adopted a once-daily, multi-signature wallet batch withdrawal process. These seemingly inconvenient designs, he said, actually helped the platform avoid hacker attacks over the long term.

He also mentioned that BitMEX's four co-founders admitted to violating the Bank Secrecy Act (BSA) one month before their trial, each being fined $10 million and sentenced to home detention, with no prison time. However, CZ believes that BitMEX's business ultimately couldn't withstand the "War on Crypto" during the Biden administration.

In conclusion, CZ stated that BitMEX is currently winding down in an orderly fashion, users can still withdraw assets, and he paid tribute to co-founder Arthur Hayes.