BitMEX confirmed it will stop all trading activities by September 23, 2026, giving users a strict two-month window to withdraw their funds before penalties kick in. Just a day after this announcement, BKX Services Inc. and David Namdar initiated a class-action lawsuit in New York, accusing BitMEX of manipulating liquidations during system outages to seize customers’ Bitcoin.
The timing is critical. Since BitMEX’s parent company HDR Global Trading Limited plans to dissolve operations soon, any judgment against the platform becomes complicated. After the shutdown date, the exchange will no longer operate or hold significant assets, limiting the chances of recovering damages.
The plaintiffs claim a combined loss of 622.66 BTC, roughly $41 million based on current Bitcoin prices near $65,700. This figure highlights the stakes, reflecting more than just estimated damages but a benchmark for potential recovery before BitMEX’s self-imposed closure.
Legal experts note that suing a company in wind-down mode differs from conventional fraud cases since the defendant’s asset base shrinks as it prepares to cease operations. The class-action also requires judicial certification to represent all affected traders, a process that may take months and further compress the timeline.
The case raises questions about holding offshore-registered exchanges accountable once their operational entity disappears. BitMEX has already started imposing risk limits and will force liquidations on remaining contracts by the shutdown date, making this lawsuit a race against time.
