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cryptoJul 24, 2026, 8:40 AM

BitMEX Accused of Misappropriating 622.66 BTC in Class-Action Lawsuit

BKX Services and investor David Namdar filed a class-action lawsuit against BitMEX, alleging the exchange's internal trading desk accessed user position data and traded during outages. They also claim BitMEX force-closed trades with sufficient margin and diverted funds to an insurance fund.

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BitMEX faces a class-action lawsuit filed by BKX Services and investor David Namdar, who accuse the cryptocurrency exchange of misappropriating 622.66 BTC belonging to clients.

The plaintiffs allege that BitMEX's internal trading desk had access to user position data and could execute trades during system outages when clients lost access to their accounts. They further claim that the exchange forcibly closed positions even when sufficient collateral was present, redirecting the surplus to its insurance fund.

The lawsuit demands the return of the bitcoins as well as compensation for damages. It emerged on the same day BitMEX announced it would shut down after 11 years of operation.

Source: ForkLog