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Lawsuit accuses BitMEX owners of “looting” $400 million

  • After the criminal charges, a new lawsuit accused BitMEX owners of “looting” $400 million
  • The plaintiff accuses BitMEX owners of having done so as soon as they found out about potential criminal charges
  • The plaintiff is BMA LLC, known for suing large companies within the crypto-space like Ripple

BitMEX Criminal Charges

A month ago, it was made public that the owners of the crypto-derivatives exchange BitMEX were facing criminal charges imposed by US prosecutors stating that they’ve made BitMEX a haven for hackers and illegal transactions. After the charges were made, Arthur Hayes whom served as BitMEX’s CEO from the start stepped down and KYC was made mandatory to all customers with a fast-tracked deadline of November 5th 2020.

Civil Lawsuit

A new civil lawsuit hit BitMEX’s owners: HDR Global Trading Limited, ABS Global Trading Limited, Arthur Hayes, Ben Delo and Samuel Reed by the plaintiffs: BMA LLC, Yaroslav Kolchin and Vitally Dubinin.

The lawsuit accuses the defendants of having “looted” $440,308,400 when they first found out that the CFTC and DOJ charges were imminently incoming. The plaintiffs believes the funds were split in the following manner. The lawyer who drafted the lawsuit went on to explain that this amount would represent $1,761,233,600 of annual profits which they speculate BitMEX never had.

BMA LLC

Formerly known as “Bitcoin Manipulation Abatement”, BMA LLC is very well know in the crypto-space for accusing major companies of illegal behaviour. They’ve previously sued Ripple for allegedly selling an unregistered security: XRP.

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