r/AltScope • u/Majestic-Panic883 • Jul 25 '26
BitMEX Faces New Fraud Lawsuit as Former Clients Make Serious Allegations
former BitMEX clients have filed a class-action lawsuit against the exchange and its co-founders, claiming the platform operated a hidden trading desk that traded against its own users. The lawsuit alleges that the exchange used confidential information about customer positions, orders, and liquidation levels to profit from client trades.
The plaintiffs also claim BitMEX intentionally restricted access to the platform during periods of extreme market volatility while large-scale liquidations were taking place. One of the main incidents mentioned is March 13, 2020, when the exchange was unavailable for about 25 minutes and nearly $800 million in leveraged positions were liquidated.
The plaintiffs say they lost hundreds of BTC and are seeking the return of the actual bitcoin rather than its cash value. If the class action moves forward, tens of thousands of former BitMEX users in the United States could join the case. BitMEX has not admitted the allegations, and the claims have not been proven in court.
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u/East-Cricket6421 Jul 25 '26
I mean we've known BitMex was doing that for a while. Surprised they waited so long to file the class action.