Two former BitMEX customers filed a proposed class action against the crypto exchange and its three co-founders on the same day the platform announced it would shut down permanently in September 2026.
BKX Services Inc. and David Namdar allege that BitMEX operated an undisclosed "Insider Trading Desk" that traded against its own customers using private account data.
The pair also claim that the exchange deliberately froze its servers during periods of high volatility to lock users out while forcing liquidations, according to the complaint filed in the U.S. District Court for the Southern District of New York.
Thursday’s suit names Arthur Hayes, Samuel Reed, Benjamin Delo and former head of business development Gregory Dwyer as defendants, alongside HDR Global Trading Limited and four affiliated entities.
What the plaintiffs say happened
