BKX Services Inc. and David Namdar have filed a class action lawsuit against BitMEX, accusing the platform of market manipulation and misappropriation of nearly 623 BTC. According to the complaint, the exchange developed a liquidation system that profited by redirecting remaining trader assets to its insurance fund. David Namdar reportedly lost more than 316.85 BTC while BKX lost around 305.81 BTC. The lawsuit also seeks to represent U.S. customers who traded BTC perpetual swap products since July 2018. BitMEX, owned by HDR Global Trading, announced its shutdown scheduled for September 23, with traders now only allowed to close existing positions.
Source: Read the original article
