Accusing the BitMEX cryptocurrency exchange and its founders of illegal work … and the platform responds
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Answer Accusing the BitMEX cryptocurrency exchange and its founders of illegal work … and the platform responds
Events seem to be accelerating in the cryptocurrency market.
After the massive hacking of the Kucoin platform and the theft of nearly $281 million, press reports emerged that the US Commodity and Futures Trading Commission (CFTC) is accusing BitMEX and its owners of illegally operating it.
Bitcoin price has been progressing relatively well over the past couple of days, but now things have changed for the worse.
Bitcoin lost more than $400 of its value, in less than an hour.
Bitcoin was trading at around $10,900 before declining to where it currently stands at $10,508.
This happened almost immediately after news broke that the US Commodity and Futures Trading Commission had accused BitMEX and its owners of operating illegally and having several money laundering violations.
Read:Poll: More than 72% of cryptocurrency investors plan to…
According For the official release On October 1, 2020, the CFTC is indicting five entities and three individuals that own and operate the BitMEX trading platform.
These include the company’s owners, Arthur Hayes, Ben Delow and Samuel Reed, who run BitMEX through a maze of corporate entities.
The New York District Attorney also indicted Reed, Dillow and Hayes, along with Gregory Dwyer, on federal charges of violating the Banking Secrecy Act, as well as conspiracy to violate the Bank Secrecy Act.
It should be noted that the data frommetal scalesIt shows that approximately $2 billion worth of bitcoin is currently in BitMEX.
The cryptocurrency community is wondering what will turn out and how BitMEX’s case with the CFTC will be resolved.
In addition to all of the above, the security of the $400 million insurance fund has also been called into question, with some press reports stating that the company’s chief technology officer, Samuel Reed, has been arrested.
The reaction of the platform management and the crypto community:
BitMEX has already announced plans to fight the charges, but its reputation is sure to suffer after yesterday’s actions and accusations.
Read:A bitcoin whale moves 9,055 bitcoins, coinciding with the decline in the crypto market
Larry Cermak, director of research at The Block, wrote:
The implications will be enormous.
Some large cryptocurrency exchanges still allow US clients to use their platforms without procedures [اعرف عميلك] And limit VPN.
That will change very quickly.
Meltem Dummeror, Chief Strategy Officer at CoinShares, commented:
Everything about this is just ferocious.
Everything about this is just 🥥 Wild 🌴
CFTC and DoJ fees Tweet embed and key executives. One of the executives is already in federal custody.
“They will soon know that the price of their alleged crimes will not be paid with tropical fruits,” says FBI Director Sweeney. pic.twitter.com/jBa7btmvQG
Read:$1.4 million worth of bitcoin was stolen from users via a popular app
– Melt-Dem (@Melt_Dem) October 1, 2020
While Jameson Loeb, co-founder and chief technology officer of Casa, commented:
Now we can see if the BitMEX multitasking setup is state resistant.
Today, like every day, is a good day to withdraw bitcoin from cryptocurrency exchanges.
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