BitMEX Faces Class-Action Lawsuit Over Alleged Wrongful Liquidations

A proposed class-action lawsuit has been filed against BitMEX in the U.S. District Court for the Southern District of New York, alleging that the platform wrongfully liquidated customer positions and retained approximately 622.66 BTC ($65,382) when it shut down its exchange operations on July 24, 2026.

The lawsuit was brought by BKX Services Inc. and crypto investor David Namdar against HDR Global Trading Limited and related BitMEX entities. The plaintiffs claim that BitMEX's trading and liquidation systems were designed in a manner that allegedly benefited the exchange at the expense of its customers.

According to the complaint, BitMEX's liquidation engine unfairly closed leveraged positions, causing the plaintiffs to lose 305.81 BTC ($32,384) and 316.85 BTC ($33,998), respectively. The total alleged losses amount to approximately 623 BTC.