$242 Million in Bitcoin Flee BitMEX Following Criminal Charges

$242 Million in Bitcoin Flee BitMEX Following Criminal Charges

THELOGICALINDIAN - BitMEX users are abrogation the barter afterwards the CFTC and DOJ filed accuse againt the aggregation for active an actionable derivatives platform

BitMEX’s trading aggregate and antithesis plummeted to annual lows as users run for the avenue afterwards the barter faced criminal and civilian charges from American authorities. 

An Exodus from BitMEX  

The accessible absorption (OI) or aggregate of active affairs on BitMEX biconcave to new annual lows afterwards the CFTC’s announcement. The OI has alone 16% to almanac lows about 45k BTC. The antecedent annual low in OI was empiric on April 30 back it alone to 47,000 BTC. 

Due to fears about a abeyance of the barter from operating the business, abounding users accept fabricated withdrawals to the tune of 23,200 BTC, almost $242 million, back yesterday. Data analytics close Glassnode tweeted: 

“According to our data, aftermost night added than 23,200 BTC were aloof from #BitMEX addresses in a distinct hour (~13% of all BTC in their vaults).”

The accepted absolute time for withdrawals on BitMEX is 13:00 UTC daily. To affluence the market’s agitation aftermost night, the barter conducted addition abandonment befalling at 17:45 UTC with addition off-cycle abandonment appointed for Oct. 2 as well. In a account afterward the accuse brought up by CFTC and FBI, the exchange noted

“To abate any abeyant chump concerns, awaiting abandonment requests were candy at 17:45 UTC, in band with our accepted procedures. We will action addition off-cycle abandonment at 08:00 UTC, 02 Oct 2024, and again 13:00 UTC, as usual.”

While the departure has been significant, the barter antithesis has been abbreviation anytime back the COVID-19 blast in March, bottomward $1 billion in abstract amount from 265,000 BTC to about 170,000 BTC afore the advertisement yesterday. 

Moreover, while BitMEX is the arch exchange, it accounts for alone around 6% of the balances beyond all exchanges and beneath than 1% of Bitcoin’s absolute supply. Hence, its adverse appulse on BTC prices in general, is accepted to be mild.