BitMEX is now facing legal action alleging it withheld trader collateral and engaged in insider trading. The new lawsuit accuses Hayes and fellow co-founders, Ben Delo and Samuel Reed, of designing a system to retain customers’ collateral and transfer the remaining bitcoin to the platform’s insurance fund.
“One lawsuit won’t move the market, but allegations involving 622 BTC (worth over $40.5 million) of withheld collateral reinforce the oldest doubt in crypto: your funds are safe until the day they aren’t,” said Samuel Videau, chief technology officer at Genius. “What’s ending is opacity,the model where you wire assets to a black box and take the operator’s word for it.”
The overall crypto derivatives market has barely flinched. The perpetual swap product BitMEX built now generates the bulk of trading activity on larger exchanges like Binance and OKX, alongside traditional platforms like the Chicago Mercantile Exchange (CME).
“The derivatives market is now much larger and more diversified,” said Edwin Cheung, executive director at crypto trading platform Gate. “Most displaced volume is likely to be absorbed by other established platforms.”
The shift suggests exchanges now need scale, regulatory compliance and broader services to survive, rather than relying on retail trading alone.
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Olivier Acuna
https://www.coindesk.com/business/2026/07/28/bitmex-and-bitmart-may-be-first-casualties-of-crypto-trading-slump
2026-07-28 09:36:00
