It has been almost 19 days since BitMEX experienced a sudden shutdown on its servers, liquidating millions of trades on the platform and the price of Bitcoin (BTC) futures dropping to the $3,800 region.

Platform users complain that their deals have been abnormally liquidated and no refunds have been made to the claimants.

A trader says he lost 30 BTC in a short trade where the platform only refunded a portion of the trade (the margin), totaling 0.9242 BTC.

A trader’s loss of more than $150,000:

In an email sent to SourceOne trader told that during its downtime BitMEX – which was previously reported as a DDoS attack – had his position wrongfully liquidated, losing 30 bitcoins (about $150,000 at the time of liquidation).

Read:After creating a lot of noise and momentum: Dogecoin co-founder criticizes “ApeCoin”

While the BitMEX platform provided a long explanation, about what happened with the platform on March 12 and 13, the effect still had a bitter taste in the throats of traders like this one we are talking about, who lost 150 thousand dollars and has not recovered any of his money yet.

From the email this user sent:

I entered my short position at 4900 with the liquidation price set at $5100.

The price was hovering around $3,605. At about 11.55 the stop occurred, my account was suspended.

Once the system was up and running in less than an hour, this trader found the entire position liquidated, with only margin left – 0.9242 BTC or about $4,700 – a huge difference from the 10 BTC (at least) that should have stayed in his account if Stop loss is activated.

Although the stop loss was set at $4,488 (shown in the image above), the trader’s position was liquidated at $5,100, raising questions as to why BitMEX had not stopped trading or at least rolled back things.

Tell the same trader:

Read:The authorities arrest the founders of a trading platform on charges of manipulating trading volumes

I found a record and a chart, my position was liquidated at $5,100, at that time, the index was only $4,100.

After sending a lot of tickets and complaints to the platform in an attempt to investigate the deal by this trader, a short and frustrating reply was sent on March 21:

We know that some users can’t control during the downtime, but there is no refund

The trader kept harassing the exchange for an explanation and a refund but nothing was given with the only response from the BitMEX team sent on March 30th as follows:

We have achieved all [طلباتك]Sorry, no reason to refund.

BitMEX replies: We are reviewing all filtered users

The platform responded to the claims saying that it is in line with the rest of the market and that it had a technical issue on March 12 and 13 which led to the unfortunate events but they are following up closely with traders – including the user we spoke about:

situation with #Bitmex It’s coming to an end. I won’t be writing for much longer. I’m exhausted from their mental exercises. This will be my last tweet on this account. find me in Tweet embed.

Read:After investing in “MoneyGram”… Ripple intends to pump more investments

– sim (_simpelyfe) March 26, 2020

Quoted from BitMEX’s statement:

We worked directly with a BitMEX user who found themselves in a liquidation situation during the March 13 downtime, including providing timely refunds.

We also review all of our interactions with that specific user.

Markets in general – both traditional and cryptocurrency – have seen heavy trading volumes as traders have made their way to the rescue in recent weeks.

Is user confidence in BitMEX declining?

This was not the only complaint BitMEX received regarding the liquidation issue, a number of merchants continued to complain.

In conclusion, it can be said that BitMEX has already refunded some traders but confidence in the platform which is the #1 platform in Bitcoin futures trading took a huge hit after the recent incident.

Read also:

BitMEX is accused of contributing to the decline of Bitcoin … and the platform responds

After the latest DDoS attack… BitMEX compensates users for their losses