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❕NEWS The BitMEX exchange may be at high risk of shutting down

AudraMiller

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It appears that the US authorities have placed charges against this bitcoin exchange company (BitMEX) and also extended these charges to the leaders of this company as well. The executives of this company are accused of disregarding the US banking laws, and as a result the charges were brought on by the US government on 1 October.

Now with regards to high risk, there are reposts that the larger investors in this company have withdrawn over 50 00 bitcoins from this exchange in the last week alone, which begs the question of is this exchange planning to shut down and bail out with the profits? Are investors now worried about the potential lawsuit that is being filed? And what is the way forward for this exchange site?

What do you guys think about this? what do you believe is in store for the fate of this exchange?
 

Josemendez

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I think first of all they failed in their approach towards the lawsuit. They shouldn't have allowed this issue to be made public because it will make their investors to withdraw. Now they have to see a way to solve this issue less they lose more investors
 

AudraMiller

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I think first of all they failed in their approach towards the lawsuit. They shouldn't have allowed this issue to be made public because it will make their investors to withdraw. Now they have to see a way to solve this issue less they lose more investors
This is true. The public nature of this case has brought a lot of skepticism over to the company and even those that had small investments as well will be pulling out. Furthermore, even if they do recover, the trust of this company is broken and people will not invest in it in the future.
 

Wisdom01

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I think most might be scared that those lawsuit and others will affect the site and their investment ,but it's concerning only USA I it's me I will not be worried
 

AudraMiller

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I think most might be scared that those lawsuit and others will affect the site and their investment ,but it's concerning only USA I it's me I will not be worried
I don't think that it will only concern the USA because exchange sites like this also generally have foreign investors that may even be from different continents let alone different countries. So i think that it involves a wide range of countries that should be worried in cases like this.
 

Wisdom01

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I don't think that it will only concern the USA because exchange sites like this also generally have foreign investors that may even be from different continents let alone different countries. So i think that it involves a wide range of countries that should be worried in cases like this.
I think even if the Us plans to shut it down the branch in Usa would be only shut down because people investment from other countries is part of the site , and there are legal suit binding their agreement
 

AudraMiller

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I think even if the Us plans to shut it down the branch in Usa would be only shut down because people investment from other countries is part of the site , and there are legal suit binding their agreement
To be honest, i think that if one branch is closed down with regards to any exchange, the site will soon go out of business completely, even if it exits in other countries as less and less investments will come in. Legal agreements are generally foregone if there is illegal activities that are taking place.
 

Wisdom01

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To be honest, i think that if one branch is closed down with regards to any exchange, the site will soon go out of business completely, even if it exits in other countries as less and less investments will come in. Legal agreements are generally foregone if there is illegal activities that are taking place.
It depends on the reason the branch was shut down that will affect the whole site and it's existence in other countries ,so for the reason I don't see any issues
 

AudraMiller

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Just an update on the company, it seems that the company is now under new leadership and the leader who was previously running the company has resigned and is still facing the criminal charges that are mentioned in this topic.
 

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Just an update on the company, it seems that the company is now under new leadership and the leader who was previously running the company has resigned and is still facing the criminal charges that are mentioned in this topic.
Then this is good one it high time that people are made to face their crime and pay heavily for it. It will help deter others from commiting theirs.
 

Wisdom01

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Just an update on the company, it seems that the company is now under new leadership and the leader who was previously running the company has resigned and is still facing the criminal charges that are mentioned in this topic.
This is really good atleast a competent leader should be put incharge now and the bad leader should face the consequences , Kudos
 

AudraMiller

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This is really good atleast a competent leader should be put incharge now and the bad leader should face the consequences , Kudos
Yes, hopefully the new leader is able to fix the damages to the company's reputation that was created by the previous guy and that the previous leader faces the necessary legal action. I think that there is a long road ahead for the recovery of this company.
 

Wisdom01

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Yes, hopefully the new leader is able to fix the damages to the company's reputation that was created by the previous guy and that the previous leader faces the necessary legal action. I think that there is a long road ahead for the recovery of this company.
It might be hard to fix because some it might have make some users lose interest in the site , let them fix it and see how things goes that's it
 

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I'm sorry, to me seems a little different. BitMEX has been blamed for the collapse of Bitcoin.
This due to: up to a certain point, the investors kept their derivative contracts or bought them, until at a certain point, after they preferred to sell to collect the gain and numerous liquidations of contracts occurred!
This has caused the price drop of BTC on the platform and as a result, has affected all other cryptocurrency exchanges where cryptocurrency retail purchases are made.
Does this seem to you, dearest friend? @AudraMiller
 

Wisdom01

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I'm sorry, to me seems a little different. BitMEX has been blamed for the collapse of Bitcoin.
This due to: up to a certain point, the investors kept their derivative contracts or bought them, until at a certain point, after they preferred to sell to collect the gain and numerous liquidations of contracts occurred!
This has caused the price drop of BTC on the platform and as a result, has affected all other cryptocurrency exchanges where cryptocurrency retail purchases are made.
Does this seem to you, dearest friend? @AudraMiller
Not only bitcoin other crypto currencies might be affected also , but those users can transfer the crypto to another exchange site and continue trading
 

highspeed

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Not only bitcoin other crypto currencies might be affected also , but those users can transfer the crypto to another exchange site and continue trading
In my opinion I say, yes it can happens for each cryptocurrency existing. But anyway, I have no one certainty.
Greetings.
 

AudraMiller

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I'm sorry, to me seems a little different. BitMEX has been blamed for the collapse of Bitcoin.
This due to: up to a certain point, the investors kept their derivative contracts or bought them, until at a certain point, after they preferred to sell to collect the gain and numerous liquidations of contracts occurred!
This has caused the price drop of BTC on the platform and as a result, has affected all other cryptocurrency exchanges where cryptocurrency retail purchases are made.
Does this seem to you, dearest friend? @AudraMiller
This actually does make sense to me, and to be honest, I agree with those that decided to cash out on their investments in BitMEX. To be honest, the position of the company was not great and it is only considered natural for those that invested to want to project their assets. Do you think bitcoin will recover anytime soon? @highspeed
 

highspeed

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This actually does make sense to me, and to be honest, I agree with those that decided to cash out on their investments in BitMEX. To be honest, the position of the company was not great and it is only considered natural for those that invested to want to project their assets. Do you think bitcoin will recover anytime soon? @highspeed
Well, it could perhaps be one of the many fake news present on the web! And then...
But yesterday i read that, even there would be the possibility that Bitcoin, NEVER, falls below 10K $!
However I believe ... for now only hypotheses.
 

AudraMiller

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Well, it could perhaps be one of the many fake news present on the web! And then...
But yesterday i read that, even there would be the possibility that Bitcoin, NEVER, falls below 10K $!
However I believe ... for now only hypotheses.
I don't think that anyone in crypto can use the word never, so that is a bit skeptical in my opinion. Especially since the price is so volatile and it is all dependent on the supply and demand of the coin. What do you think? Do you agree with the term of never?
 

microunit

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Well, it could perhaps be one of the many fake news present on the web! And then...
But yesterday i read that, even there would be the possibility that Bitcoin, NEVER, falls below 10K $!
However I believe ... for now only hypotheses.
bitcoin as volatile as it is can fall below 10,00 at any given time, one example of situation for this if that majority of the bitcoin holder would just sell their bitcoins and the price of bitcoin will just plummet
 
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