BitMEX sued for 622 BTC on shutdown day as class action targets liquidations

The suit follows a prior class action filed in 2020 by Brett Messieh, which alleged similar manipulation of the liquidation engine. That case was voluntarily dismissed without prejudice on June 30, 2025.

The new complaint goes further, alleging that an internal trading desk had access to confidential client information and could operate during server freezes that locked ordinary users out of their positions.

BitMEX announced its shutdown July 24 after a strategic review by parent company HDR Global Trading. The exchange stopped accepting new registrations and will block new positions from Aug. 26. The utility token BMEX crashed roughly 90% on the news. BitMEX had already trimmed its offering in July, removing 65 trading pairs and several derivative products.

The platform built its business on leverage up to 100x, a feature that drew traders but also attracted persistent criticism over liquidation transparency. The central question at trial will be whether BitMEX used its liquidation mechanism to enrich itself at client expense.

BitMEX's defense will argue the liquidations were standard market operations, not a deliberate strategy. The plaintiffs' lawyers are expected to seize on the timing: a closure and a lawsuit on the same day.