BitMEX will move into strict risk-limit mode on August 26 as part of its planned exchange wind-down.
Starting at 04:00 UTC, users will only be able to close or reduce existing positions. New positions will no longer be allowed. Trading services are scheduled to permanently cease on September 23 at 04:00 UTC, according to the exchange’s official notice.
BitMEX has described the process as a voluntary and orderly business wind-down following a strategic review.
That distinction matters.
The announcement should not be framed as insolvency, bankruptcy, or regulatory enforcement unless the company says so. The current message is that BitMEX is winding down operations on a controlled timeline.
TL;DR BitMEX will enter close-only risk-limit mode on August 26 at 04:00 UTC. Users will not be able to open new positions after that point. Trading services are scheduled to permanently cease on September 23 at 04:00 UTC. Why Close-Only Mode Matters Close-only mode is a major step in any exchange wind-down.
It prevents new risk from being added while giving users time to reduce exposure. That helps the platform manage open interest, margin, liquidation risk, and settlement obligations before the final shutdown date.
For traders, the message is practical.
Open positions need attention. Users should understand deadlines, withdrawal processes, settlement mechanics, and any fees or restrictions that apply during the wind-down period.
Waiting until the final days can create unnecessary risk.
BitMEX Was Once A Defining Crypto Venue BitMEX has a major place in crypto market history.
For years, it was one of the most influential derivatives platforms in the industry. Its perpetual swap products, leverage culture, and trader community helped shape how crypto derivatives developed.
The exchange’s wind-down therefore carries symbolic weight.
It shows how much the market has changed. Competition has intensified, regulatory expectations are higher, and liquidity has spread across centralized exchanges, decentralized perpetuals platforms, and regulated futures venues.
BitMEX is no longer the dominant force it once was.
Risk Limits Protect The Wind-Down The strict risk-limit phase gives the platform a more controlled path toward closure.
If users could keep opening new positions until the final moment, the exchange would face more operational complexity. Close-only mode reduces that risk by gradually shrinking exposure.
This is especially important for derivatives.
Leverage, margin requirements, liquidation engines, and funding mechanics can create problems if a platform winds down too abruptly. A staged approach can reduce market disruption and give users time to act.
Not A Token Delisting Story This is not the same as a single token delisting.
A token delisting affects a specific market. An exchange wind-down affects the entire trading venue or defined platform scope. That makes user communication and operational planning more important.
Traders should check the exchange’s official notices directly.
Deadlines, withdrawal windows, account restrictions, and position management instructions matter more than secondary commentary.
What Comes Next The next key date is August 26.
Once close-only limits begin, BitMEX users will lose the ability to open new positions. The final trading-services deadline on September 23 will then become the main shutdown milestone.
For the wider market, the wind-down is another sign that crypto exchange competition is maturing.
Some venues are growing. Some are consolidating. Some are exiting. Traders are moving across regulated products, offshore platforms, and decentralized derivatives markets.
BitMEX’s planned closure marks the end of one chapter in crypto derivatives — and a reminder that even historically important exchanges are not guaranteed permanent relevance.
This article is based on BitMEX’s official wind-down notice and related exchange materials.
This article was written by the News Desk and edited by Samuel Rae.
BitMEX nedokončil dlouho připravovaný prodej, protože zájemce odradily podíly zakladatelů a klesající obchodní aktivita. Platforma se nyní chystá ukončit činnost.
Once a dominant force in cryptocurrency derivatives trading, BitMEX has failed to complete a long-running sale process, according to people familiar with the matter. The platform, which pioneered perpetual futures contracts and once commanded a large share of leveraged trading activity, spent roughly two years seeking a buyer before its parent company decided to wind down operations.
Potential acquirers ultimately walked away, citing persistent founder ownership stakes and a steadily shrinking business as key obstacles.
Investment bank Broadhaven advised on the sale, which reportedly targeted a valuation near $1 billion.
Discussions involved rival exchanges as well as payments and wallet firm Exodus.
Yet none of the talks produced a completed transaction. Sources indicated that buyers grew uneasy over the continued majority equity control held by co-founders Arthur Hayes, Ben Delo, and Samuel Reed.
Although the three had stepped away from day-to-day management after US criminal charges related to anti-money laundering compliance in 2020, their substantial ownership remained intact.
This structure complicated negotiations, as acquirers typically prefer arrangements that allow them to retain and incentivize key personnel through portions of the purchase price rather than navigating significant founder influence post-deal. Compounding the ownership issue was BitMEX’s deteriorating market position.
Throughout the sale process, trading activity continued migrating to larger centralized platforms such as Binance and Bybit, as well as emerging decentralized perpetual futures venues.
Market share eroded sharply from the double-digit percentages the exchange once enjoyed to fractions of a percent in recent periods.
Daily volumes in some segments fell to levels that made growth-oriented revenue multiples difficult to justify.
Lingering reputational concerns tied to earlier regulatory actions further deterred interest, even after the co-founders received presidential pardons in 2025.
The unsuccessful sale paved the way for the decision to close.
HDR Global Trading, the Seychelles-based operator, announced that BitMEX would cease operations on September 23, 2026.
New user registrations stopped immediately, with risk limits and forced position closures planned in the intervening weeks to allow an orderly exit.
The company has stated that assets exceed liabilities and that no customer funds were ever lost to hacks over its more than decade-long history.
Still, the combination of regulatory history, competitive pressure, and the inability to secure an exit via sale left continued independent operation unviable.
BitMEX’s trajectory illustrates broader shifts in the crypto derivatives landscape.
The perpetual swap product it helped popularize now dominates volume across many competing venues, yet the original innovator could not maintain its early advantages.
Declining liquidity and the challenges of operating a fully compliant global platform under reduced activity levels made a clean sale elusive.
For potential buyers, the risks associated with founder ties and a contracting franchise outweighed any remaining brand value or technical infrastructure.
As the platform prepares for final shutdown, the episode underscores how ownership structures and sustained competitive performance can determine outcomes in crypto mergers and acquisitions. What began as an ambitious effort to transfer a pioneering exchange ended without a deal, marking the close of a significant chapter in the crypto industry’s development.
BitMEX sale collapsed as buyers balked at founder ownership and shrinking business. (Shutterstock)Summary
Reputational baggage, fading growth and founder control combined to drive potential acquirers away, according to a source familiar with the discussions.The crypto exchange failed to secure a buyer before deciding to wind down operations last month.BitMEX's declining business made it difficult to justify a growth valuation, the person said.Before once-popular crypto exchange BitMEX announced plans to wind down operations, it spent two years exploring a sale with multiple prospective buyers including competitor exchanges and payments platform Exodus, but failed to clinch a deal, according to a person familiar with the matter.
The would-be acquirers, the person said, were put off by the company's founder-led ownership structure, its shrinking business, and lingering reputational issues.
CoinDesk reported in early 2025 that investment bank Broadhaven was advising the Seychelles-based company on a sale process.
Although co-founders Arthur Hayes, Ben Delo and Samuel Reed had long since stepped away from the business after U.S. criminal charges were brought against them in 2020, one prospective buyer was uncomfortable that they still controlled a large majority of the company, the person said, who spoke on condition of anonymity as the matter is private.
That made negotiations harder because buyers typically want part of the acquisition payout to encourage executives to stay with the company after the deal closes.
The company's deteriorating financial performance compounded these concerns. BitMEX continued to lose market share throughout the sale process as trading activity migrated to larger centralized exchanges and decentralized perpetual futures platforms. This made potential acquirers reluctant to pay the revenue multiple typically reserved for growing businesses, the person said.
Both BitMEX and Exodus did not respond to requests for comment by publication time.
The exchange was reportedly seeking a valuation of around $1 billion during the process, although it is unclear whether formal bids were ever submitted.
BitMEX was one of crypto's most influential exchanges, pioneering the perpetual futures contract in 2016 with the launch of its XBTUSD perpetual swap. Unlike traditional futures, perpetuals have no expiry date and instead use a funding-rate mechanism to keep prices aligned with the underlying asset, allowing traders to maintain leveraged long or short positions indefinitely.
The product revolutionized crypto derivatives trading, was rapidly adopted across the industry, and today accounts for the vast majority of crypto derivatives volume on other exchanges such as Binance, Bybit and Hyperliquid.
The company announced on July 24 that it would wind down operations following a strategic review by its parent, HDR Global Trading, and immediately halting new account registrations ahead of its planned Sept. 23 closure.
The failed sale stands in contrast to a broader rebound in crypto dealmaking.
As institutional interest has returned and regulatory uncertainty has eased, buyers have pursued acquisitions to expand trading, custody and infrastructure businesses. But unlike many recent targets, BitMEX entered the market with declining market share, lingering legal baggage and an ownership structure that complicated a deal.
Dealmaking has remained active across the digital asset industry in recent months, with SBI Holdings agreeing to acquire Japanese crypto exchange Bitbank for $289 million, Keyrock buying BlockFills' institutional trading business, and Bullish (BLSH), CoinDesk's owner, agreeing to acquire transfer agent Equiniti for $4.2 billion.
There have been 144 announced mergers and acquisitions worth $11.8 billion so far in 2026, up 3.5% from the same period last year, according to advisory firm Architect Partners.
The exchange is now facing a lawsuit alleging it withheld traders' collateral and engaged in insider trading. The complaint claims that the co-founders designed the platform to retain customer collateral while transferring excess bitcoin BTC$64,764.57 into BitMEX's insurance fund.
Read more: The inside story of how a hike in Hong Kong changed crypto trading forever
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Z BitMEX po oznámení o ukončení provozu odteklo 468,30 BTC v hodnotě asi 29,88 milionu USD. Je to první odliv nad 10 milionů USD od zveřejnění oznámení o ukončení provozu.
Nearly $30M in Bitcoin Exits BitMEX After Shutdown AnnouncementOn-chain data flagged by Onchain Lens shows a newly created wallet withdrew 468.30 $BTC, valued at approximately $29.88M, from @BitMEX on July 31, 2026. According to the data, this represents the first outflow exceeding $10M from the exchange since its formal closure notice was issued, with capital moving directly into a fresh on-chain address in what analysts described as a high-priority exit of exchange-held liquidity.
The timing is significant. BitMEX announced on July 23, 2026 that it will permanently cease operations at 04:00 UTC on September 23, 2026. The board of HDR Global Trading Limited, owner and operator of BitMEX, said the decision followed a strategic review of the business and the broader crypto industry. The withdrawal observed on July 31 came just eight days after that notice was made public.
What the Closure Timeline Means for Remaining Users Starting August 26, 2026, at 04:00 UTC, accounts will switch to reduce-only mode, and the exchange will begin force-closing open positions in batches. KYC-verified users who fail to withdraw assets by the closure time will be charged an account fee of USD 50 equivalent or 1% per annum, whichever is greater, billed monthly on the remaining balance.
The main challenge BitMEX faces is how user assets are transferred, as network congestion on the Bitcoin blockchain could cause significant withdrawal delays. The company has also warned users to be alert to phishing attempts that may exploit the closure announcement, noting that no expedited or priority withdrawal service exists, and that additional review procedures will be applied to withdrawal requests during the wind-down period.
The company's current proof of reserves indicates that platform liabilities are fully covered by customer assets. The exit marks the end of an 11-year run for the digital asset derivatives venue, which maintained a clean security record and lost no user funds to hacks or smart-contract exploits despite years of intense regulatory enforcement actions.
The large outflow underscores a broader trend of users accelerating withdrawals in the weeks before major exchange wind-downs, as holders seek to move assets to self-custody or alternative venues ahead of a hard deadline.
Sources:
BitMEX Official Closure Announcement
CoinDesk: BitMEX Notifies Users of Shutdown After 11-Year Run
The Paypers: BitMEX to Shut Down Crypto Exchange by September 2026
BitMEX v září trvale ukončí provoz po letech regulačních a právních problémů. Současně BitMart oznámil uzavření obchodování a uživatelům dal 30 dní na uzavření obchodů a 6 měsíců na výběr všech prostředků z platformy.
BitMEX, a pioneering crypto derivatives exchange known for inventing the perpetual swap, will permanently shut down in September after years of regulatory and legal troubles.A wave of closures and bankruptcies, including BitMart, Movement Labs and Storj Labs, underscores how collapsing retail trading volumes and rising regulatory costs are squeezing smaller crypto firms.Analysts say only large, well-capitalized exchanges with strong compliance, transparent reserves and diversified services are likely to survive as retail speculation fades and rules like the EU’s MiCA take hold.The early freewheeling era of crypto trading took a final blow as BitMEX announced it would permanently shut down its operations in September. The platform, famous for inventing the perpetual swap in 2016, may not be the last.
At least three other crypto firms have announced closures or bankruptcies in the past week, including Bitmart, which let its users know they have 30 days to close trades and six months to withdraw all their funds from the platform. Users have raised concerns about withdrawal delays following the announcement. BitMart did not specify why it was closing.
Analysts say exchanges can no longer survive on retail hype alone; they need institutional compliance, clear proof of reserves, and cross-asset trading to stay alive. Jason Fernandes, co-founder of AdLunam, says he believes it all boils down to a steep fall in retail trading.
“There isn't enough volume or retail trading anymore,” said Fernandes, who is also a crypto market and blockchain investment analyst. “Retail interest even in Telegram groups has dropped significantly.”
"We are going to see a lot more of these closures announcements. I think the only exchanges that will survive are those not dependent on retail trading to be successful. In the short term, I don't see a return for retail trading in the numbers we used to see in 2021."
Trading volume fallingCrypto’s centralized exchanges are experiencing their quietest stretch in over two years., Spot trading volume across major centralized venues fell to $1.05 trillion by April 2026, its lowest monthly total in 25 months, according to the CoinDesk Data Exchange Review. For context, that represents a steep plunge from the historical monthly activity recorded during peak market cycles. Colin Wu of Wu Blockchain recently revealed that in South Korea, trading volume at the top five crypto exchanges had dropped 88%.
But it’s not just crypto exchanges. Movement Labs and Storj Labs filed for Chapter ll bankruptcy, marking the third and fourth crypto-related company failure, respectively, in seven days as investor capital shifts heavily toward artificial intelligence.
The unexpected closures highlight a potential new reality for the industry. Retail speculation and interest have weakened, and platforms carrying historical regulatory baggage can no longer afford to continue operating. For years, platforms like BitMEX relied purely on company reputation and the high-leverage gambling habits of day traders. New regulatory regimes, such as the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) rules, are making smaller, regional venues too expensive to run.
"The fact that BitMEX shuts down isn’t a surprise," said market analyst Michael Van De Poppe, a prominent Dutch crypto analyst, trader, and entrepreneur who serves as the founder and Chief Investment Officer (CIO) of MN Capital and MN Fund.
"Only big exchanges are able to comply with all the regulatory frameworks, and smaller exchanges have two options: leave or get taken over,” he said. “The retail speculation and gambling period is likely behind us."
Erald Ghoos, CEO of OKX Europe, estimated only about 80% of the more than 3,000 virtual asset services providers (VASPs) in the EU would survive MiCA. “It's not only because of MiCA itself, it's because of the whole width and heaviness of the European regulatory burden,” he said in an interview.
Traders left BitMEX years ago after the company faced enforcement actions from the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice. The drop in volume left the platform more exposed to shifts in market conditions. BitMEX was reportedly ordered to pay $100 million in fines for violating bank secrecy rules. However, a couple years later, President Donald Trump pardoned BitMEX, although they apparently faced immense issues recovering from years of litigation.
BitMEX is now facing legal action alleging it withheld trader collateral and engaged in insider trading. The new lawsuit accuses Hayes and fellow co-founders, Ben Delo and Samuel Reed, of designing a system to retain customers’ collateral and transfer the remaining bitcoin to the platform’s insurance fund.
"One lawsuit won't move the market, but allegations involving 622 BTC (worth over $40.5 million) of withheld collateral reinforce the oldest doubt in crypto: your funds are safe until the day they aren't," said Samuel Videau, chief technology officer at Genius. "What's ending is opacity,the model where you wire assets to a black box and take the operator's word for it."
The overall crypto derivatives market has barely flinched. The perpetual swap product BitMEX built now generates the bulk of trading activity on larger exchanges like Binance and OKX, alongside traditional platforms like the Chicago Mercantile Exchange (CME).
"The derivatives market is now much larger and more diversified," said Edwin Cheung, executive director at crypto trading platform Gate. "Most displaced volume is likely to be absorbed by other established platforms."
The shift suggests exchanges now need scale, regulatory compliance and broader services to survive, rather than relying on retail trading alone.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
BitMEX čelí v USA návrhu na hromadnou žalobu, která ho viní z řízených likvidací zákazníků a zadržení 622,66 BTC. Firma zároveň oznámila konec provozu burzy v září.
BitMEX has been hit with a proposed class action lawsuit in the United States accusing the cryptocurrency derivatives exchange of engineering customer liquidations that allegedly allowed it to retain hundreds of Bitcoin before its planned September shutdown.
Summary
BitMEX has been sued in a proposed class action alleging it engineered customer liquidations to retain hundreds of Bitcoin. The plaintiffs are seeking the return of 622.66 BTC along with compensatory and punitive damages on behalf of eligible US traders. The lawsuit was filed on the same day BitMEX confirmed it will shut down its exchange operations in September. Court filings in the U.S. District Court for the Southern District of New York show that BKX Services Inc. and trader David Namdar filed the complaint on Thursday, alleging they lost a combined 622.66 BTC through forced liquidations on BitMEX. BKX claims losses of at least 305.81 BTC, while Namdar alleges losses exceeding 316.85 BTC.
Filed on the same day BitMEX confirmed it would wind down its exchange business, the lawsuit revives allegations that have circulated around the platform’s liquidation system for years. The plaintiffs argue that the exchange’s internal trading operations gave it an unfair advantage over customers during periods of market stress.
Plaintiffs seek return of Bitcoin According to the complaint, BitMEX offered leveraged trading of up to 100 times customers’ collateral but allegedly liquidated positions before all available collateral had been exhausted. The filing claims customers often lost their positions while the remaining Bitcoin collateral was still worth substantially more than the trading losses.
The plaintiffs allege the excess Bitcoin was transferred into BitMEX’s insurance fund instead of being returned to users, allowing the exchange to benefit financially from forced liquidations. They further claim an internal trading desk had access to non-public customer information and was able to continue trading during server outages that prevented ordinary users from managing or closing their own positions.
“BitMEX deliberately developed a system that profited from the liquidations,” the plaintiffs alleged in the complaint.
Alongside the return of the allegedly withheld Bitcoin, BKX Services and Namdar are seeking compensatory and punitive damages. The proposed class action also seeks to represent U.S. customers who traded Bitcoin perpetual swap products in transactions dating back to July 23, 2018.
The filing also points to an earlier class action brought in 2020 by Brett Messieh and other traders, who made similar allegations under the Commodity Exchange Act. Court records cited in the complaint show that case was voluntarily dismissed without prejudice on June 30, 2025, allowing similar claims to be brought again.
Lawsuit coincides with exchange closure The legal action arrives as BitMEX prepares to end more than a decade of exchange operations.
Earlier on Thursday, HDR Global Trading, the owner and operator of BitMEX, announced that it had decided to close the cryptocurrency derivatives platform following a strategic review of both the business and the digital asset industry. The company said exchange operations will end at 04:00 UTC on Sept. 23.
BitMEX has already stopped accepting new account registrations. Beginning Aug. 26, traders will no longer be able to open new positions and will only be permitted to reduce existing ones. During the weeks leading up to the closure, the exchange said it will progressively close outstanding positions, while any remaining open positions at the final deadline will be liquidated automatically.
The company also said contracts with limited liquidity may be settled early under its existing settlement procedures, with advance notice provided to affected users where necessary.
Although trading services will end in September, BitMEX said customers will continue to have access to their accounts for withdrawals and to review wallet balances and transaction history. Users who leave funds on the platform after the shutdown will be charged either the equivalent of $50 per month or 1% annually, whichever is higher, with fees deducted monthly from verified accounts.
BitMEX also warned customers to remain alert for phishing campaigns attempting to exploit news of the shutdown. It said no priority withdrawal service exists and cautioned users against anyone claiming they could accelerate withdrawals. The company added that increased withdrawal requests and Bitcoin network confirmation times could occasionally delay processing during the wind-down period.
Separately, BitMEX said its reserves remain higher than customer liabilities and pointed users to its proof of reserves and liabilities data as evidence that customer assets remain fully backed.
Exchange closes after months of restructuring The closure follows several months of internal changes at the exchange.
Earlier this month, BitMEX replaced chief executive Stephan Lutz as part of a management restructuring that also saw chief financial officer Ina Steiner and chief growth officer Raphael Polansky leave the company. Former chief operating officer and global general counsel Peter Wilkinson was subsequently appointed chief executive.
The leadership overhaul came while reports indicated the exchange had been exploring a potential sale. BitMEX has not announced a transaction since those reports emerged.
The company has undergone several executive changes since 2020, when founders Arthur Hayes, Ben Delo and Samuel Reed stepped down after U.S. authorities accused the exchange of failing to implement adequate anti-money laundering controls. BitMEX later pleaded guilty to those charges.
Alexander Höptner became chief executive in 2021 before Lutz took over during the cryptocurrency market downturn in 2022.
Founded in 2014, BitMEX became one of the earliest cryptocurrency derivatives exchanges and introduced the 100x leveraged perpetual swap, a product that later became widely adopted across the industry. In announcing its closure, the company said it had operated for more than 11 years without losing customer funds to hacks and thanked users for supporting the platform throughout its history.
The exchange’s shutdown announcement was followed by a sharp decline in its BMEX utility token, which fell by roughly 90% after the closure plans became public.
Bitcoin za týden vzrostl o 4,16 % a celková tržní kapitalizace kryptoměn stoupla o 2,30 % na 2,22 bilionu USD. Trh sledoval hlavně CLARITY Act a sérii bridge útoků.
The crypto market ended the week higher even as U.S. equities slipped.
Summary
Bitcoin gained 4.16% as total crypto capitalization rose 2.30% to $2.22 trillion during the week. CLARITY Act passage odds improved despite resistance over ethics, enforcement powers and political conflict concerns. Bridge attacks drained AFX and Allbridge while BitMEX scheduled its September exchange shutdown for users. CoinMarketCap’s six-part recap placed total crypto capitalization at $2.22 trillion, up 2.30%, with Bitcoin gaining 4.16% and Ether rising 2.98%. The S&P 500 lost 0.53%, while the Nasdaq Composite barely moved. Altcoins also posted selective gains during the week.
CMC Market Pulse: Crypto Market Seeks Clarity
BTC +4.16%, ETH +2.98%. Market cap climbs to $2.22T as crypto decouples from weak equities. All eyes on the CLARITY Act as a potential market catalyst.
Let's break down this week's top crypto narratives 🧵
1/6 pic.twitter.com/b69e4RUdZG
— CoinMarketCap (@CoinMarketCap) July 24, 2026 CoinMarketCap described the week’s theme as “crypto market seeks clarity.” Liquidations remained contained, with shorts closing earlier and longs later. Funding rates stayed near neutral, suggesting leverage had not reached levels seen during sharper market swings.
Bitcoin leads while policy returns to focus Bitcoin and Ether led the recovery as traders watched the latest U.S. market structure bill. Senator Cynthia Lummis released updated CLARITY Act text on July 22 after Senate Banking and Agriculture committees merged their work. The draft covers regulator duties, developer protections, stablecoin rules, ethics, anti-money laundering controls and law enforcement provisions.
Lummis called the coming weeks the “last real chance” to pass the legislation for years. However, Senator Elizabeth Warren and other Democrats criticized its ethics language and enforcement structure. As crypto.news previously reported, disputes over political conflicts, decentralized finance protections and crime investigations have repeatedly slowed the bill, even as prediction-market estimates for passage rose.
Corporate balance-sheet activity added another signal. Strategy increased its U.S. dollar reserve by $225 million to roughly $3.2 billion after selling common shares, while keeping 843,775 BTC. The reserve supports preferred-stock dividends and debt interest rather than new Bitcoin purchases.
Shutdowns and project changes reshape the sector BitMEX announced that it will close on Sept. 23 at 04:00 UTC after reviewing its business and the wider market. The derivatives platform stopped new registrations and will block new positions from Aug. 26. Users can reduce positions and withdraw assets before the final shutdown.
The closure ends an 11-year run for a platform that helped popularize perpetual swaps and high-leverage crypto derivatives. As crypto.news reported before the announcement, BitMEX replaced senior executives in June while reports of a possible sale continued. The shutdown added pressure to smaller centralized exchanges competing for liquidity and paying higher compliance costs.
Other projects also changed direction. CoinMarketCap’s project update said Hyperliquid outlined permissionless HIP-4 outcome markets requiring 500,000 HYPE in staking support. Pump.fun introduced BOOST Mode for new launches, while ENS DAO activated a two-year security council able to stop transactions considered malicious.
Bridge attacks bring security risks back into view Several cross-chain systems reported attacks. AFX Trade lost about $24.15 million in USDC after attackers obtained enough validator signatures to approve a bridge withdrawal. Arbitrum said the attack did not affect its native bridge. AFX paused operations while investigators reviewed the compromised signing setup.
Allbridge also halted its core bridge after a $1.65 million flash-loan attack on Solana liquidity pools. The attacker manipulated pool balances, withdrew assets at favorable rates and moved proceeds toward Ethereum. Across Protocol faced a separate Solana incident, but the project said the loss affected a Risk Labs-operated relayer rather than customer funds. It later restored Solana deposits.
The incidents returned bridge design and key management to the center of DeFi security. As crypto.news reported in earlier coverage, attacks have continued through 2026, including losses involving Kelp DAO and Axelar routes connected to Secret Network.
Institutional capital and tokenization continue expanding Institutional deals provided a different market narrative. Crypto.com announced a $400 million investment from Citadel Securities at a $20 billion valuation. The company said it will use the funding to expand tokenized securities, derivatives and other asset classes across a planned 24/7 financial platform.
S&P Dow Jones Indices and Pantera Capital also launched the S&P Pantera Digital Asset Index. The benchmark uses a rules-based method focused on productive blockchain assets and companies with measurable use or revenue, rather than relying only on token popularity or price momentum.
Meanwhile, xStocks moved beyond U.S. shares by adding tokenized exposure to Hong Kong-listed equities through Payward and GTN. The companies plan to consider U.K., European and South Korean securities after securing required approvals. Tokenized equity value and trading activity have expanded as exchanges and traditional firms build around-the-clock products.
The week combined a market rebound with unresolved policy talks, security failures and infrastructure investment. Bitcoin and Ether finished higher, but stronger prices did not remove operational risks. The next market test will depend on the CLARITY Act’s Senate path, responses to bridge attacks and whether institutional funding converts into sustained trading and settlement activity. Traders will also watch funding rates and liquidation pressure closely.
BMEX po oznámení uzavření BitMEX podle Bubblemaps spadl asi o 95 %. Firma zároveň uvedla, že zhruba 75 % celkové nabídky BMEX bylo původně určeno pro pobídky zaměstnanců, rozvoj ekosystému a dlouhodobé rezervy, ale tyto tokeny dosud nebyly distribuovány on-chain.
PANews, July 24 – Blockchain data analysis platform Bubblemaps stated that after BitMEX announced its closure, its platform token BMEX fell sharply, currently down about 95% from its previous level. According to BitMEX’s publicly disclosed tokenomics, approximately 75% of the total BMEX supply was originally planned for employee incentives, ecosystem development, and long-term reserves, but these tokens have never been distributed on-chain.
Data shows that in 2021, about 92% of the BMEX supply was locked in vesting contracts, with the remaining 8% distributed at token launch, including: 5% for airdrops; 3% for product and liquidity support.
Each allocation category previously corresponded to a separate address for receiving future unlocked tokens. However, to date, only one claim has been recorded: on November 2, 2022, the product and liquidity address claimed approximately 63.75 million BMEX, while the addresses for employee incentives, ecosystem growth, and long-term reserves have seen no token claims.
Bubblemaps noted that this does not necessarily indicate a problem, as the project may have subsequently adjusted its tokenomics, contracts, or distribution plan without reflecting these changes on-chain. But according to the previously public BMEX tokenomics design, the tokens in these allocation buckets have not yet actually entered on-chain circulation.
BitMEX, co-founded by Arthur Hayes and others, pioneered the perpetual contract trading model, having a significant impact on the development of the crypto derivatives market. Following the announcement of the closure, market confidence in BMEX was noticeably shaken.
BitMEX ukončí provoz 23. září 2026 po rozhodnutí vlastníka HDR Global Trading Limited. Burza vyzvala uživatele, aby během přechodu uzavřeli pozice a vybrali prostředky.
BitMEX to shut down after 11 years in crypto derivativesBitMEX announced it will shut down operations on Sept. 23, 2026, after owner HDR Global Trading Limited decided to close the crypto exchange.
BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.
The company announced Thursday that it will stop operations on Sept. 23, 2026, and advised users to close positions and withdraw funds during the transition period.
“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.
BitMEX said its platform helped popularize perpetual swap contracts, a type of crypto derivatives product that allows traders to speculate on asset prices without expiration dates. The company also said it has maintained a record of no customer funds lost to hacks during its 11 years of operation.
BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. The exchange declined to comment further and HDR Global Trading was not reachable for comment.
The closure comes as the crypto derivatives market navigates a shifting competitive landscape. Centralized exchange (CEX) perpetual futures volume fell 10% to $12.7 trillion in the second quarter of 2026, according to CoinGecko’s latest Crypto Industry Report, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind Binance.
This is a developing story and will be updated as more information becomes available.
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Cryptocurrency derivatives exchange BitMEX has parted ways with several senior leaders in a swift leadership transition made public on June 29, 2026. The company has removed its Chief Executive Officer Stephan Lutz, Chief Financial Officer Ina Steiner, and Head of Growth Raphael Polansky from their positions.
This collective shift stands out for its scale and speed, affecting key functions including overall strategy, financial oversight, and user expansion efforts at once.
Peter Wilkinson, formerly serving as the platform’s global general counsel and chief operating officer, has assumed the role of CEO.
Information on immediate successors for the CFO and growth positions remains limited in initial coverage.
The exchange itself has yet to release detailed public comments explaining the motivations behind the changes or outlining a full succession roadmap.
This type of broad executive adjustment often reflects a strategic decision by the board or key stakeholders to pursue a fresh approach.
It differs from typical gradual transitions and may indicate an intent to address operational priorities or adapt to evolving market realities more decisively.
BitMEX, launched in 2014, helped shape the crypto trading landscape by introducing perpetual swap contracts that allow leveraged positions without fixed settlement dates.
The platform attracted significant volume in Bitcoin and other digital asset derivatives, particularly among professional traders comfortable with high leverage.
Its early success highlighted the demand for sophisticated risk-management tools in emerging digital markets.
However, the exchange has encountered persistent regulatory and market headwinds.
Past issues included US investigations into compliance practices, leading to earlier leadership departures by the founding team and eventual corporate resolutions involving penalties.
Stephan Lutz had taken the helm in late 2022 following a previous CEO change, steering the firm through a difficult industry cycle marked by reduced activity and heightened compliance demands.
The current developments arrive during a period of cautious sentiment across crypto markets. Bitcoin prices have shown weakness recently, with broader indicators reflecting elevated uncertainty.
Many platforms have responded to these conditions by tightening operations, reducing headcount, or evaluating strategic alternatives such as potential sales or partnerships.
Observers suggest the move could facilitate stronger governance, improved efficiency, or preparation for future opportunities in a competitive environment.
Wilkinson’s background in legal and operational matters positions him to emphasize stability and regulatory alignment as the company moves ahead.
Day-to-day trading, withdrawals, and platform availability are anticipated to proceed normally, though users are advised to stay informed through official channels.
Leadership changes at established exchanges like BitMEX underscore the sector’s maturation.
As digital asset trading evolves, platforms must balance innovation with robust risk controls and adaptability.
This overhaul may mark the start of renewed focus on core strengths while navigating external pressures.
Stakeholders will await further clarification from BitMEX on its vision under the updated team.
In the interim, the event serves as a reminder of the importance of monitoring counterparty dynamics when engaging with centralized trading venues.
The derivatives space remains dynamic, and such transitions can influence confidence and liquidity profiles over time. Overall, while details are still emerging, the shift highlights ongoing efforts by BitMEX to position itself effectively amid industry challenges and opportunities.
Arthur Hayes podpořil Hypercall od Synapse Protocol jako rivala Deribitu a koupil 6,16 milionu tokenů SYN v hodnotě 2,2 milionu dolarů. Token poté vyskočil o 26 % za poslední 2 hodiny.
BitMEX co-founder Arthur Hayes expressed his support behind Synapse Protocol’s Hypercall options DEX, claiming it as a rival to Deribit. Hayes also purchased SYN token, triggering a 26% over the past 24 hours.
Arthur Hayes Sees Synapse’s Hypercall as Deribit Rival In an X post on June 29, BitMEX co-founder highlighted Hypercall, a options DEX built by the Synapse team and settled on Hyperliquid. He believes the platform can compete with crypto derivatives trading exchange Deribit.
“I still want to be long the Hyperliquid ecosystem but I need some asymmetry. It’s time for an options dex to properly take on Deribit,” said Arthur Hayes.
In addition, Arthur Hayes highlighted several factors including low FDV of $81 million, no venture capital overhang or unlocks, 88% of circulating supply with the remaining in treasury, and listed on major exchanges like Binance and Kraken.
He drew parallels to his earlier successful call on Hyperliquid’s HYPE token, calling SYN one of the most asymmetric bets in crypto. Notably, Hypercall also extends the utility of SYN token, which benefits from revenue mechanisms such as buybacks.
SYN Token Price Surges 26% SYN token surged 26% over the past 2 hours after Arthur Hayes said he found “this pretty compelling. On-chain data also revealed he purchased 6.16 million SYN tokens worth $2.2 million from Flowdesk.
While SYN price pared 12% gains, Arthur Hayes is still sitting at a profit. He bought the token at a price of $0.3573.
Synapse token has rallied more than 1,100% in a month. The token recorded a massive rally when the broader crypto market crashed. The move fits Arthur Hayes’ focus on the Hyperliquid ecosystem.
Derivatives data signaled massive profit booking in the last few hours amid “buy the rumor, sell the news” strategy. SYN futures open interest is down 13% in past 4 hours at $31.98 million, but still up 5% over past 24 hours.
Notably, SYN futures open interest plunged 15% on Binance, over 14% on Bitget, and 10% on MEXC. This indicates selling pressure on the token as many used the latest liquidity to exit the token.
Zcash dokončil nouzový dvoufázový upgrade, který opravil kritickou chybu v Orchard shielded pool a obnovil důvěru v síť. ZEC se po propadu o zhruba 50 % začíná zotavovat.
Zcash has completed a two-phase emergency network upgrade to fix a critical vulnerability in its Orchard shielded pool — a flaw that sat undetected for four years, could theoretically have allowed unlimited undetectable counterfeit ZEC creation, and triggered a 50% price collapse before the network’s swift response began restoring confidence and driving a recovery in ZEC’s price.
Josh Swihart, CEO of Electric Coin Company — the primary developer of Zcash — posted on X on June 7 confirming the fix was complete and the network secure, as ZEC began its recovery from the lows reached after the vulnerability’s disclosure.
The post arrived at a critical moment for the asset: ZEC had crashed approximately 50% from a June 4 peak of $624 to $309 on June 5, wiping more than $3 billion from its market capitalization, per the BitMEX Blog’s documented timeline of the incident.
ZEC's price trends to the upside over the past 48 hours, as seen on the daily chart. Source: ZECUSD on Tradingview How The Zcash Bug Was Found — And What It Was The vulnerability was discovered on May 29, 2026 by security researcher Taylor Hornby during a protocol audit commissioned by Shielded Labs. Hornby identified a “soundness” flaw in Zcash’s Orchard zero-knowledge proof circuit — specifically an under-constrained element in the Orchard Action circuit that could allow invalid state transitions, creating a theoretical double-spending risk within the shielded pool.
The discovery was made using Anthropic’s Claude Opus 4.8 AI model alongside a custom analysis suite, per Shielded Labs’ official disclosure. Hornby and the AI developed a working proof-of-concept that successfully generated unlimited, completely undetectable counterfeit ZEC in a local test environment — described by one independent analyst as “about the worst kind of bug a cryptocurrency can have,” per Yahoo Finance’s reporting of the disclosure.
Critically, the flaw did not permit inflation of the total ZEC supply on the live network. Zcash’s internal turnstile accounting mechanism — which tracks the total value moving into and out of the shielded pool — confirmed no unauthorized value creation occurred while the flaw was active, per Shielded Labs’ official statement.
However, the organization acknowledged directly that due to the privacy properties of Orchard and the nature of the bug, there is no definitive cryptographic way to determine whether exploitation occurred — a limitation inherent to the shielded pool’s design that became its own source of market concern. The vulnerability had been present since Orchard’s activation in May 2022 — four years — without detection.
The Emergency Response Zcash’s development ecosystem responded with unusual speed. The first phase was an emergency soft fork deployed through Zebra 4.5.3, activated at block 3,363,426 on June 2, which temporarily disabled all Orchard transactions to remove the attack path while developers prepared the permanent fix.
Transparent and Sapling transactions continued operating normally throughout, per the Zcash Foundation’s official announcement on X. The second phase arrived on June 3 through the NU6.2 hard fork — activated at block 3,364,600 via Zebra 5.0.0 — which introduced a corrected circuit and a new verifying key, patching the flaw and re-enabling Orchard transactions, per the Foundation.
The market’s initial reaction to the hard fork was positive. ZEC rose from $544 on June 2 to $603 on June 3, continuing to $624 on June 4 — its highest level since the rally began. Then Arthur Hayes publicly disclosed he had exited his entire ZEC position intraday on June 4 — the same day as the peak — citing five macro factors including higher energy prices and upcoming AI IPOs, per his X post covered in prior reporting. The combination of Hayes’ exit and lingering uncertainty about whether exploitation had occurred before the patch sent ZEC to $309 on June 5.
The Recovery And What It Means Swihart’s June 7 X post — reassuring the community that total ZEC supply remained intact throughout and that the network had passed through the emergency without confirmed exploitation — appears to have been the catalyst for the recovery now underway. The swift two-phase response, combined with the Foundation’s transparent disclosure and Swihart’s direct communication, provided the confidence signal the market needed.
This development marks a pivotal and genuinely uncomfortable moment for Zcash’s long-term positioning in the nascent sector. A four-year-old vulnerability in the Orchard pool — the very component that defines ZEC’s core privacy value proposition — has been fixed cleanly and without confirmed exploitation.
But the structural irony that the privacy properties that make Zcash valuable also make it impossible to confirm the vulnerability was never used will remain a question mark the community will need to address as the recovery continues.
As of this writing, ZEC trades at around $430, recovering from its June 5 lows as confidence in the network’s security response gradually rebuilds.
Cover image from Grok, ZECUSD Chart from Tradingview
