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BitMex has bled 45k Bitcoin since US gov charges, allowing other exchanges to benefit

Published 10/02/2020, 08:30 PM
Updated 10/03/2020, 07:00 PM
BitMex has bled 45k Bitcoin since US gov charges, allowing other exchanges to benefit
BTC/USD
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Over 45,000 Bitcoin has been withdrawn from BitMex since the U.S. government levied charges against the exchange and its leadership. October 1 brought two devastating blows to BitMex. First, the CFTC and DOJ brought charges against the exchange. Shortly thereafter, its founders (including CEO Arthur Hayes), were indicted by the U.S. government. The market reacted to the news with a sharp decline across many of Blockchain's biggest assets.

BitMex Bitcoin reserves. Source: Glassnode.

This isn't the first time in recent months that BitMex has contributed to a downward turn. The exchange first began losing the trust of its participants following a blackout on Black Thursday which prevented users from trading or retrieving their assets. While users withdrew over 100,000 Bitcoin in the six months between that episode and these recent charges, the exodus of the past two days appears to be unprecedented in scale.

Bitmex Bitcoin inflows & outflows October 1-2, 2020. Source: Crystal Blockchain.

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