BitMex’s 45k Bitcoin Bleed Benefits Other Exchanges

BitMex’s 45k bitcoin bleed benefits other exchanges. Gemini, Binance, OKEx and Huobi appear to be the biggest gainers of the BitMex fallout. Since the U.S. government imposed charges against the exchange and its leadership, over 45,000 Bitcoins have been removed from BitMex. October 1 gave BitMex with two destructive strikes.

Next, charges against the exchange were brought by the CFTC and DOJ. Shortly thereafter, the U.S. government prosecuted its founders (including CEO Arthur Hayes). With a dramatic decline in many of Blockchain ‘s largest properties, the market reacted to the news.

The exchange first began losing the trust of its participants after a blackout on Black Thursday preventing users from trading or retrieving their assets. While users withdrew over 100,000 Bitcoin in the six months between that episode and these recent charges, the exodus of the past two days appears to be unprecedented in scale.

According to data from Crystal Blockchain, the net outflows from the exchange surpassed 45,000 Bitcoin in less than 48 hours. Meanwhile, Gemini and Binance was seemingly the biggest beneficiaries of these outflows, trailed by OKEx and Huobi. Over 20,000 BTC was transferred out of BitMex and into the mentioned four exchanges.

Lance Morginn, the CEO of Blockchain Intelligence Group and a former supervisory special agent at the Department of Homeland Security mentioned that highly likely, the outcome would be monetary penalties and a promise on the part of BitMex’s executives not to engage in unlawful activities in the future.

[image: Viktor Forgacs]

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