Cryptocurrency exchange BitMEX might be shutting down but its legal troubles appear to be far from over.
The crypto derivatives exchange that invented the perpetual swap faces a proposed class-action lawsuit alleging theft of Bitcoin (CRYPTO: $BTC) and insider trading.
The lawsuit was filed on the same day that BitMEX said it is shutting down in three months time.
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The lawsuit has been filed by former tokenization project BKX Services and David Namdar. BKX claims it lost at least 305 Bitcoin through forced liquidations by BitMEX.
The legal action comes as BitMEX recently said that it will cease operations on Sept. 23, ending an 11-year run as a leading crypto derivatives exchange.
This is not the first lawsuit BitMEX has faced. The company faced similar claims in a 2020 class-action legal case, which was closed in 2025 without a ruling.
The new complaint alleges BitMEX and co-founders Arthur Hayes, Ben Delo and Samuel Reed designed a system to retain customers' collateral and transfer the remaining Bitcoin to the platform's insurance fund.
The new lawsuit also states that an internal trading desk had access to private customer information and could continue trading during server freezes that prevented other users from closing positions.
BitMEX allowed traders to borrow up to 100 times their collateral and leverage their positions.
The lawsuit, which is seeking to become a class action that could involve other investors, names parent company HDR Global Trading and the co-founders as respondents.
The plaintiffs in the case say they want to involve U.S. customers who bought BitMEX Bitcoin swap products from July 2018, onwards.
They are seeking the return of their Bitcoin, compensatory damages, and punitive damages. A judge needs to rule whether the lawsuit can proceed as a class-action case.
The exchange's closure comes after BitMEX's CEO and chief financial officer (CFO) left the company in June of this year.
BitMEX is privately held and its stock does not trade on a public exchange.