Forex and Crypto News

More than 32000 Bitcoins were withdrawn from BitMEX

14:25 02 October /2020

Within 24 hours after the Justice Department indicted the BitMEX co-founders for violating the rules, over 32000 Bitcoins were withdrawn from the exchange. At the current exchange rate, this is $335 million.

This data was provided by Philip Gradwell, chief economist at the analytical company Chainalysis. According to him, part of the withdrawn Bitcoins will be redirected to other exchanges, and the other part will settle in wallets. These moves have already added 25% of the liquidity to the bitcoin market.

Most of the client's funds are still on the exchange as BitMEX holds from 135000 to 170000 Bitcoins (data from The Block). According to Arcane Research, the amount of open positions in the BitMEX bitcoin derivatives market has reached an annual low.

As a reminder, BitMEX already faced allegations last July. After the news of the CFTC investigation in July last year, $85 million worth of bitcoins were withdrawn from BitMEX next day.

A spokesman for HDR Global Trading Limited, which owns BitMEX, told The Block: "We strongly disagree with the US government's arbitrary decision to press charges and will defend ourselves."

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