CoinDesk·3 min read·medium
BitMEX faces proposed class-action suit for theft, insider trading as crypto exchange shuts down
F
Francisco Rodrigues
✦AI Summary
BitMEX is facing a class-action lawsuit alleging theft and insider trading as the cryptocurrency exchange prepares to shut down after 11 years. Plaintiffs claim the platform manipulated liquidations to retain customer funds for its insurance pool.
The lawsuit , filed by former tokenization project BKX Services and David Namdar in the U.S. District Court for the Southern District of New York, sees BKX claim it lost at least 305.81 BTC through forced liquidations, while Namdar alleges losses of more than 316.85 BTC — a total of 622.66 BTC ($40.7 million).
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