BitMEX customers are seeking the return of 622.66 BTC in a proposed class action filed as the exchange prepares to close on Sept. 23. The case could affect how historical liquidation disputes are handled during the platform's regulator-approved wind-down.
BKX Services Inc. claims it lost 305.809 BTC through BitMEX liquidations in 2018. David Namdar alleges losses of 316.856 BTC between 2019 and 2020. Rather than seeking only dollar damages, the plaintiffs are asking for the coins themselves under claims involving fraud and replevin.
The complaint alleges BitMEX liquidated positions when unrealized losses reached about half of a trader's collateral. It claims the exchange then retained the remaining collateral in its Insurance Fund. The filing also accuses an undisclosed internal trading desk of seeing customer positions, hidden orders and liquidation levels, while continuing to trade during server freezes that blocked ordinary users.
BitMEX rejects the allegations and says it will defend the case. The lawsuit names HDR Global Trading and four affiliated companies, along with co-founders Arthur Hayes, Samuel Reed and Benjamin Delo and Gregory Dwyer. An earlier class action was dismissed without prejudice in 2025.
BitMEX says users can withdraw funds after Sept. 23, but its wind-down plan does not resolve the disputed Bitcoin tied to past liquidations.
◆ Source
Originally published by CryptoSlate on July 27, 2026.
◆ Linked coin (1)
◆ Build with us
Every event, verified and scored. One API call away.
