BitMEX's $270 Million Insurance Fund Sparks Speculation Over Owners' Intentions

The BitMEX insurance fund is a contentious issue for the embattled cryptocurrency exchange. The fund, worth around $270 million, has sparked speculation that its owners will keep it after BitMEX's closure on September 23.

The fund holds approximately $239 million in BTC and $31 million in USDT, mostly sourced from customers' trading losses. However, despite the substantial size of the fund, BitMEX has not disclosed what will happen to it after its doors close.

The exchange's proprietary token, BMEX, has already lost 96% of its value year-to-date following the closure news.