BitMEX was declared closed under class action on the same day and 622.6 BTCs were claimed

On 24 July, Cointelegraph reported that BitMEX was facing a class action on the day it was declared closed, when the plaintiff accused the derivative platform of fraudulently manipulating the customer's liquidation to usurp the user's Bitco collateral. The plaintiffs BKX Services Inc. and David Namdar filed an action in the Federal Court of the Southern District of New York, claiming a total of 622.6 BTC losses on BitMEX for compulsory liquidation, of which BKX lost at least 305.81 BTCs and Namdars lost more than 316.85 BTCs. The plaintiff alleged that the BitMEX internal trading team had access to client privacy information and continued trading during the server freeze, that ordinary users were unable to access or settle, and that the platform benefited from the compulsory liquidation through an insurance fund. The plaintiff sought the return of the seized bitcoin and claimed compensatory and punitive damages on behalf of an American customer who had purchased BTC swap products from 23 July 2018. BitMEX announced on the same day that it would cease operations on 23 September, that it had ceased new registration and that it would be prohibited from opening new warehouses on 26 August。