Svmuu News: CZ expressed regret over BitMEX’s announcement of its closure and noted that BitMEX was the first in the crypto market to launch 100x leveraged perpetual contracts in 2014, which drove the industry’s development.
CZ pointed out that back then, BitMEX only supported BTC deposits and single-chain operations, and processed withdrawals once a day via a centralized multi-signature wallet. These seemingly inconvenient designs actually helped the platform avoid hacking attacks over the long term.
He also mentioned that BitMEX’s four co-founders pleaded guilty to violating the Bank Secrecy Act (BSA) one month before their trial, each receiving a $10 million fine and house arrest, though none served jail time. However, CZ believes that BitMEX’s business ultimately failed to survive the Biden administration’s “War on Crypto.”
CZ concluded by stating that BitMEX is currently shutting down in an orderly manner, users can still withdraw their assets, and he paid tribute to co-founder Arthur Hayes.