BitMEX faces class action over 622 BTC liquidations as exchange shutters operations

BitMEX is facing U.S. class-action litigation tied to alleged liquidations of 622.66 BTC, according to reports published as the exchange prepares to close trading operations on September 23, 2026 and seeks to wind down its business. Another report also describes a proposed class action by former users alleging the exchange ran an undisclosed “Insider Trading Desk,” manipulated liquidations, and froze the platform during volatile periods ^{[1] [2]}.

Separate coverage says Arthur Hayes, a former BitMEX executive, is named in a class-action proposal tied to claims that BitMEX traded against customers using confidential account data and that outages contributed to widespread liquidations. The same reporting notes an earlier lawsuit ended without prejudice and that BitMEX later pleaded guilty before announcing its permanent shutdown plan following a board review ^[3].

In parallel with the legal actions, BitMEX’s shutdown timeline described in the latest coverage includes halting new account registrations immediately and blocking new positions starting August 26, with remaining balances to be charged $50 per month or 1% per year, whichever is greater. The report also states the exchange spent more than a year searching for a buyer before its board chose to wind down rather than sell ^[4].

BitMEX’s planned September 23 closure is now accompanied by multiple proposed class actions alleging customer harm, including claims involving liquidations and alleged internal trading practices, as the exchange outlines account and position cutoffs in its wind-down process ^{[1] [3] [2] [4]}.