BitMEX and its co-founders, including Arthur Hayes, face a class action lawsuit filed on July 23 in the Southern District of New York, accusing the exchange of keeping customer collateral seized during liquidations and operating an internal trading desk with access to confidential position data. Plaintiffs BKX Services Inc. and David Namdar seek the return of 622.66 BTC, worth approximately $40 million at current prices, plus compensatory and punitive damages. On the same day the complaint was filed, BitMEX announced it would shut down on September 23 after eleven years of operation, with daily volumes having fallen to around $400,000 and market share dropping below 0.01%.
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