BitMEX Faces Class Action Lawsuit, Users Claim 622.66 BTC
2026-07-24 05:27
Odaily Odaily News Cryptocurrency derivatives platform BitMEX is facing a proposed class action lawsuit. BKX Services Inc. and David Namdar have filed a complaint with the U.S. District Court for the Southern District of New York. The plaintiffs allege they collectively lost 622.66 BTC in BitMEX's forced liquidations, with BKX claiming losses of at least 305.81 BTC and Namdar claiming losses exceeding 316.85 BTC.
The complaint alleges that BitMEX's internal trading desk had access to clients' private information and could continue trading during server freezes while ordinary users were unable to access or close positions. The plaintiffs also allege that BitMEX allowed clients to use leverage of up to 100x and automatically liquidated positions when collateral value was still twice the loss amount, with the remaining BTC entering the platform's insurance fund.
The plaintiffs are seeking the return of the allegedly withheld Bitcoin, as well as compensatory and punitive damages, proposing to represent U.S. clients who purchased BTC swap products since July 23, 2018. On the same day the lawsuit was filed, BitMEX announced that following a strategic review by owner HDR Global Trading, it would cease providing services on September 23, has stopped accepting new registrations, and plans to prohibit users from opening new positions starting August 26.
The complaint alleges that BitMEX's internal trading desk had access to clients' private information and could continue trading during server freezes while ordinary users were unable to access or close positions. The plaintiffs also allege that BitMEX allowed clients to use leverage of up to 100x and automatically liquidated positions when collateral value was still twice the loss amount, with the remaining BTC entering the platform's insurance fund.
The plaintiffs are seeking the return of the allegedly withheld Bitcoin, as well as compensatory and punitive damages, proposing to represent U.S. clients who purchased BTC swap products since July 23, 2018. On the same day the lawsuit was filed, BitMEX announced that following a strategic review by owner HDR Global Trading, it would cease providing services on September 23, has stopped accepting new registrations, and plans to prohibit users from opening new positions starting August 26.
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