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

Odaily news, CZ expressed regret over BitMEX's announcement of closure, recalling that BitMEX pioneered the launch of 100x leverage perpetual contracts in the crypto market in 2014, driving industry development.

CZ pointed out that BitMEX at the time only supported BTC deposits, operated on a single chain, and processed withdrawals once daily through a multi-signature wallet. These seemingly inconvenient designs actually helped the platform avoid hacker attacks over the long term.

He also mentioned that BitMEX's four co-founders pleaded guilty to violating the Bank Secrecy Act (BSA) one month before trial, each being fined $10 million and placed under house arrest, though none were imprisoned. However, CZ believes BitMEX's business ultimately could not withstand the "War on Crypto" during the Biden administration.

CZ concluded by stating that BitMEX is currently undergoing an orderly shutdown, users can still withdraw assets, and he expressed respect for co-founder Arthur Hayes.