• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Exchange News

Cryptocurrency exchange BitMex faces $300m lawsuit

Manasee Joshi by Manasee Joshi
Dec 16, 2019 03:26 am
in Exchange News
2 min read
Cryptocurrency exchange BitMex faces $300m lawsuit
589
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

Cryptocurrency exchange and Bitcoin derivatives trading platform BitMex finds itself in a tight spot as one of its early investors and former JPMorgan trader, Frank Amato, slaps the exchange giant with a whopping three hundred million US dollars ($300 million) lawsuit.

It seems that BitMex has found itself amid yet another controversy. Not so long ago, the company received flak from the US regulators for engaging in business with US customers without approval. Moreover, the allegations made by the celebrated economist Nouriel Roubini for facilitating money laundering activities and finding ways to circumvent the audit put the company in the wrong limelight. The official launch of the BitMex CTFC investigation resulted in the loss of over eighty-five million US dollars ($85 million) as users made frantic efforts in withdrawing deposits from the exchange.

Cryptocurrency exchange BitMex slapped with another lawsuit

Today, as it turns out, the cryptocurrency exchange is far from getting back on the track. Bloomberg reported on 11th December 2019 that Amato and his firm RGB Coin Ltd claim to be the initial seed investors in BitMex back in 2015. The exchange and its co-founder Arthur Hayes promised to turn their thirty thousand US dollars ($30,000) capital injection into equity. However, it’s been four years, and Amato claims that the stake, which is now worth fifty million US dollars ($50 million), is yet to see the light of the day.

RelatedPosts

Revolut, Freetrade will list Coinbase shares for trading

Milestone: US exchange Coinbase is going public on NASDAQ tomorrow

Kraken predict Bitcoin price next surge is to $90,000

Brian Armstrong set to launch billion-dollar Coinbase stock

Amato also alleges that the California-based and Seychelles-registered exchange deceived him with wrong information. According to the official complaint, Hayes has attempted to disguise the equity from the plaintiff and conceal the news about his investments.

Thus, following this legal action, the claimant is appealing for correctional damages worth two hundred fifty million US dollars ($250 million) over and above the current value of equity in BitMex, which is estimated to be fifty million US dollars. Moreover, the claimant petitions for injunctive relief and relief from other monetary losses attorney fees, court costs, etc.

Meanwhile, BitMex refuses to shed more light on the recent lawsuit and stated that Amato’s allegation would be addressed via appropriate legal channels.

Last month, BitMex inadvertently let its user data get compromised when it posted a confidential email with user information on Twitter. As bad luck would have it, the email fell into the hands of malicious actors. Although BitMex team acted promptly to prevent any damages, it now seems that the exchange will need to do a lot more than just convincing to regain the lost trust.

Featured Image by Pixabay

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

Related Posts

Revolut, Freetrade will list Coinbase shares for trading
Exchange News

Revolut, Freetrade will list Coinbase shares for trading

2021-04-14 15:55 pm
Milestone: US exchange Coinbase is going public on NASDAQ tomorrow
Exchange News

Milestone: US exchange Coinbase is going public on NASDAQ tomorrow

2021-04-13 09:45 am
Kraken
Exchange News

Kraken predict Bitcoin price next surge is to $90,000

2021-04-10 21:39 pm
Brian Armstrong
Exchange News

Brian Armstrong set to launch billion-dollar Coinbase stock

2021-03-24 20:39 pm
Upcoming Uniswap V3 to provide flexible fees and 4,000x more capital efficiency
Exchange News

Upcoming Uniswap V3 to provide flexible fees and 4,000x more capital efficiency

2021-03-24 13:51 pm
OKEx Korea to shutdown amid regulatory and business challenges
Exchange News

OKEx Korea to shutdown amid regulatory and business challenges

2021-03-23 11:14 am

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • Ripple price prediction XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1301 shares
    Share 520 Tweet 325
  • DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1236 shares
    Share 494 Tweet 309
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1161 shares
    Share 464 Tweet 290
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1054 shares
    Share 422 Tweet 264
  • Dent Token Prediction for 2021 – 2025

    937 shares
    Share 374 Tweet 234

Latest News

Ethereum Price Prediction 2021-04-16

Ethereum price prediction: Ethereum retests $2,300, prepares for another move higher over the weekend 

April 16, 2021
ARK Invest bought additional $110 million worth of Coinbase shares

ARK Invest bought additional $110 million worth of Coinbase shares

April 16, 2021
Turkey central bank sets to ban payment in cryptocurrency

Turkey central bank sets to ban payment in cryptocurrency

April 16, 2021
Dogecoin

Dogecoin price surge to new all-time high price at $0.3

April 16, 2021
Litecoin price

Litecoin price prediction: LTC rejected at $300, what’s next for the crypto?

April 16, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 1

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.