Cryptoexchange BitMEX went offline … but is back
BitMEX trading platform suddenly stopped working.
At the time of publication, trading on the exchange resumed.
Shortly before the technical failure, it became known about the lawsuit against BitMEX.
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BitMEX broke again
Today after 15.00 Moscow time. the cryptocurrency derivatives exchange BitMEX suddenly went offline and suspended trading, which it officially notified its clients about:
As the management of the trading platform explained, the reason for the failure was the failure of the trading engine.
BitMEX Open Interest Continues To Dictate Crypto Volatility
The exchange has assured users that it is conducting technical work for an early return online. In the next update, BitMEX announced that all client assets are safe, and trading was soon resumed.
It is worth noting that ahead of the Bitcoin halving, the exchange posted an announcement warning that the upcoming event could lead to delays in transaction times and a subsequent increase in withdrawal fees. However, instead, the platform went completely offline..
This incident, albeit a short-lived one, has managed to resonate with disgruntled traders who have already recalled the March events, when the exchange – as some believed, due to insufficient liquidity – was unable to cope with the influx of orders to sell Bitcoin in the midst of a cryptocurrency crash. BitMEX went offline for a few hours and resumed operations when Bitcoin had already dropped to lows around $ 3,700.
As critics of the exchange emphasized then, it was the schemes of the margin trading it practiced that could cause the collapse of the bitcoin rate on March 12, since the fall stopped only when BitMEX stopped trading.
Confidence in BitMEX falls
Unsurprisingly, this tendency for BitMEX to break down during the hottest moments in the market has already led to a shift in the balance of power in the market. After the turbulence in March, BitMEX lost its leading position in the field of futures and margin trading, while trading volumes on Huobi and OKEx grew significantly.
Additionally, today’s glitch has led some in the crypto community to wonder if BitMEX’s problems are expanding beyond purely technical.
Recall that just the other day it became known about the lawsuit filed in the United States against the exchange and its co-founders Arthur Hayes and Samuel Reed. Plaintiff – BMA – accuses BitMEX management of money laundering, illegal fund management, fraud and price manipulation in the cryptocurrency market.
Do you consider BitMEX’s periodic go offline accidental and purely technical? Share your opinion in the comments!
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