$300 Million Suit for Cryptocurrency Exchange BitMex

December 16, 2019 1:51 AM UTC

According to a recent article published by Bloomberg, Bitmex and his founder Arthur Hayes are being sued for $300 million. Frank Amato claims to be the first investor of Bitmex back in 2015. According to his story, he invested around $30,000 which was supposed to be converted into equity which would be worth around $50 million today, however, he didn’t get any equity and is now suing BitMex.

According to Amato, BitMex provided him with false information about the deal.

We will address Mr. Amato’s claims through the proper legal channels and will not comment beyond that,”

BitMex said in a statement.

Not the First Time BitMex Faces Trouble

Back in July 2019, BitMex was being investigated by the CFTC over the US trading breach. According to Bloomberg, although BitMex was being investigated by the CFTC, those investigations don’t often lead to allegations of misconduct. BitMex settled a lawsuit back in March with the CFTC.

Arthur Hayes was also facing a lawsuit from ‘Dr Doom’ Nouriel Roubini over an alleged doctored video. According to Roubini, the video published by BitMex CEO was trying to make him look bad and was altered on purpose.

Meanwhile, BitMex continues to be one of the most dominant cryptocurrency derivatives exchange although the 24h trading volume is slowly decreasing, however, this is prevalent among all exchanges right now.

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