Svmuu News: Hasu, Head of Strategy at Flashbots, posted on X stating that structural issues with the BitMEX insurance fund may have been a key reason why the company ultimately chose to shut down rather than sell. Hasu noted that as early as 2018, he had pointed out that the BitMEX insurance fund did not utilize segregated accounts and lacked clear upper limits on the fund’s size or a defined process for the final disposition of excess assets. This, he argued, could create incentives to liquidate users more aggressively, expand the insurance fund through liquidations, and ultimately liquidate those assets. According to Hasu’s estimates, the insurance fund’s current size is likely around $270 million.
Hasu said that BitMEX has been seeking potential buyers since at least February 2025 but has failed to reach a deal on terms it would accept. He speculated that the asset ownership and legal issues potentially arising from the insurance fund have made it more difficult for potential acquirers to take over BitMEX, and believes this mechanism may ultimately be one of the reasons why BitMEX is difficult to sell.