Home Technology Amid The Legal Problems BitMEX Goes Offline For A Short While

Amid The Legal Problems BitMEX Goes Offline For A Short While

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BitMEX Goes Offline

BitMEX, one of the major exchanges for Bitcoin derivatives went offline for a short while on May 19th due to the failure of the trading engine. This led to the trading platform being inaccessible for a little while but is back online.

Amid The Legal Problems BitMEX Goes Offline For A Short While

BitMEX tweeted about the incident, “the BitMEX trading engine is currently down”. The tweet was made at about 12:45 UTC time.

After about 25 minutes of this announcement, an update was released by BitMEX which stated that all of the funds of the investors are safe and delayed order will be rejected with no liquidations occurring during this period of downtime.

The trading engine of BitMEX was back online at about 13:30 UCT time but was in ‘cancel only mode’ initially which meant that traders could not place any new order during that time. at around 13:40 UCT time, the trading was resumed after BitMEX announced on their Telegram channel.

This outage resulted after a little while of BitMEX being hit with a lawsuit that had been filed in the United States District Court on May 16 by BMA LLC.

The plaintiff of the lawsuit accused the parent company of BitMEX; HDR Global Trading and the senior executives of the exchange named Ben Delo, Samuel Reed, and Arthur Hayes of abetting or partaking in multiple demeanors. Some of these demeanors were money laundering, racketeering, operating the unlicensed money transmitting business as well as wire fraud.

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