Arthur Hayes, BitMEX Co-Founders Sued Over Alleged Insider Trading Scheme

BitMEX’s final months have taken another dramatic turn after two former customers accused the cryptocurrency exchange of operating against its own users. The proposed class action targets co-founders Arthur Hayes, Samuel Reed, Benjamin Delo, and several affiliated entities.

The lawsuit arrived just before BitMEX confirmed it would permanently close in September 2026. Consequently, the legal challenge has intensified scrutiny over the platform’s trading practices, liquidation system, and handling of customer funds during its years of operation.

Alleged Trading Practices Under Scrutiny

The plaintiffs argue BitMEX secretly ran an internal trading operation that accessed confidential customer information. They claim the desk identified liquidation levels and executed trades designed to trigger forced closures.

Moreover, the lawsuit alleges the exchange disguised th…

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