BitMEX, the crypto derivatives giant, is shutting down after 11 years—just as a massive class-action lawsuit surfaces, accusing it of engineering liquidations to steal Bitcoin from traders. Plaintiffs claim they lost over 600 BTC, with some losing more than 300, alleging BitMEX used insider trading desks and manipulated systems during outages to profit from forced closures—even when collateral was still worth double the losses. The platform funneled the remaining Bitcoin into its insurance fund, allegedly lining its pockets. This isn’t the first time these claims have surfaced—a similar suit in 2020 was dismissed—but this new complaint targets U.S. users since July 2018. With BitMEX halting new registrations and soon blocking new positions, the timing is explosive: its BMEX token crashed 90% as the news hit.
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