Derivatives trading platform BitMEX is seeing an exodus of users following news of its legal cases on October 1, with over 45,000 Bitcoin being withdrawn from the exchange, according to data from Crystal Blockchain.
- Users have withdrawn over 45,000 BTC from BitMEX since charges were levied against the exchange and its executives
- Open Interest on BitMEX has also dropped as much as 16%, according to Arcane Research
- Most of the BTC has been transferred to Binance, Gemini, OKEx and Huobi
- BitMEX was hit with two cases; the first was by the US CFTC and Department of Justice, the second by the Attorney’s Office of New York
- Bitcoin’s price dropped by roughly $400 shortly after the news, though it has since recovered
- BitMEX has been having a tough 2020, losing out on market share to its competitors; the exchange has experienced downtimes during the March market crash and in May, which led to strong criticism