BitMEX has lost more than 45,000 Bitcoin in the 48 hours since the indictment was filed

Gemini, Binance, OKEx and Huobi are the beneficiaries of the BitMEX indictment.

More than 45,000 Bitcoin were withdrawn from the crypto trading platform BitMEX after the indictment by American government agencies against the company and its operators was published

October 1st was twice as bad for BitMEX , because on the one hand both the American derivatives trading supervisory authority (CFTC) and the US Department of Justice (DoJ) brought charges against the platform and on the other hand its entire management level, including that in the crypto industry prominent CEO Arthur Hayes, on remand. The crypto market reacted to this bad news mostly with heavy losses .

This isn’t the first time BitMEX has triggered a downturn in the past few months. On the so-called “ Black Thursday ”, many users of the platform could not access them or trade with them, which led to massive losses. Accordingly, a lot of confidants were lost, which is why almost 100,000 Bitcoin have been withdrawn from BitMEX in the six months since this incident. The hasty deductions in the last two days are, however, much more violent.

Outflows and inflows of Bitcoin on BitMEX since October 1st, 2020. Source: Crystal Blockchain

According to data from Crystal Blockchain, the withdrawals have reached more than 45,000 BTC in the last 48 hours. The Gemini and Binance crypto exchanges seem to be the biggest beneficiaries, but OKEx and Huobi are also benefiting from it. More than 20,000 Bitcoin were transferred to the four trading platforms mentioned alone.

It is still unclear whether this is the beginning of the end for BitMEX or whether the crypto exchange can defy the odds. Lance Morginn, the CEO of the Blockchain Intelligence Group and a former employee of the American Homeland Security Agency, assumes that the crypto exchange will be subject to very high fines and that the executives of the platform will have to promise not to act illegally again in the future.