BitMEX faces a third lawsuit this time regarding market manipulation and illicit enrichment but also violating the regulations so let’s read more in our latest crypto news.
The third lawsuit amount of claim is $50 million. HDR Global Trading Limited which is the company behind the infamous BitMEX exchange faced one more lawsuit for being accused of illicit activities by DOJ and CFTC. This time, the plaintiff seeks compensation of $50 million according to the attorneys. This time, the plaintiff seeks compensation of $50 million and among the defendants, is the key player of the exchange Arthur Hayes and Samuel Reed. The attorney, Pavel Pogodin already participated in legal action against the exchange back in May this year.
The plaintiff accused HDR of violating the know your customer and anti-money laundering policies which led to the inflow of outlaws such as hackers and tax evaders to the platform. Dolgov claims that the exchange had different practices to manipulate the market and launder money. As a consequence, he claimed to lose a huge portion of the funds. Samuel Reed was arrested but got off after signing a $5 million unsecured appearance bond. The rest of the defendants remain at large.
In the BitMEX Aftermath, we can see that Arthur Hayes will step down as the 100X CEO, which is the company behind the derivatives platform BitMEX, effective immediately. Samuel Reed, the chief technology officer also stepped down and the fellow under Ben Delo, will not hold his executive position as well. In the meantime, the former head of Business Development Greg Dwyer will take a leave of absence from his role.
As recently reported in our cryptocurrency news, The 100X group, which is the company behind the popular BTC derivatives platform BitMEX appointed a new chief compliance officer-Malcolm Wright. According to the official announcement, Wright will lead the company’s compliance efforts across the world and he will assist with BitMEX’s goal to complete the User Verification Programme to further enhance the compliance function. Wright has a 30-year experience in compliance and anti-money laundering while he is now sitting on multiple international committees. He also chairs the Advisory Council and AML working Group at other crypto-based company named Global Digital Finance.
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