Did BitMEX Experience A “Meltdown” After Roubini’s Blow?

By Dare Shonubi
Published July 29, 2019 Updated July 29, 2019
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Did BitMEX Experience A “Meltdown” After Roubini’s Blow?

By Dare Shonubi
Published July 29, 2019 Updated July 29, 2019

Both cryptocurrency derivative exchange, BitMEX and it’s CEO, Arthur Hayes have been silent on Twitter for more than 2 weeks.

Following the events in which popular economist, Nouriel Roubini and cryptocurrency exchange CEO; Arthur Hayes had a clash at Taipei on discussions that focused on cryptocurrencies and the blockchain technology, BitMEX, the exchange in between the arguments seems to be the entity that took the brunt of the force.

Roubini vs Arthur: The Begining

Early on in July, Roubini, and Arthur began a series of ‘tweet wars‘ in which both parties defended what they seem to believe in. While Arthur seemed to debate in a positive view of blockchain and cryptocurrencies, Roubini on the other hand, debated the negative. This stirs up Twitter for a while before the mini arguments escalated into something of international concern when the duo decided to duel in Taipei to further prove their respective cases.

Roubini Ramps Up Campaign Against BitMEX

While one or both parties uploaded their own versions of the videos after the Taipei encounter to feed their followers back, Roubini took a step further by ramping up a campaign against Hayes and his empire exchange, BitMEX in an accusation that BitMEX was a tool carefully designed for money laundering and other illicit financial misconduct and also seemed to have been servicing U.S. clients who should have been restricted at the time.

CFTC Steps In: BitMEX Gets Investigated

This, it seems, was where the blow hit BitMEX hard! CFTC investigations pointed to how lenient BitMEX was in geo-blocking residents of restricted countries, a system which gave way easily under the influence of excellent VPNs. This and many other foul plays have been so far detected.

Now, in the heat of the situation, Roubini seems to have returned to his normal lifestyle as Arthur is busy gnashing teeth under the captivating claws of the law!

Arthur And BiMEX Go Silent!

These times have proven hard for Arthur and BitMEX as absolutely nothing has been heard or seen on their respective Twitter accounts for a while. To start with, Arthur’s Twitter activity is the first to stop, BitMEX also joined the about 3 weeks silence shortly after.

BitMEX Taking The Hit Still

Much is not known about Arthur’s personal activities but judging from BitMEX’s recent progress, the exchange might have gone through a great deal of reputational damage. Stats from CoinMarket Cap (CMC) showed that BitMEX’s 30-day trading volume has dropped by almost 65% and still counting in the same direction to date.

Massive outflow of assets, mostly bitcoin, was also detected. This might have been a result of panicking customers moving their assets to safety against any possible sanctions on the exchange. In the process, no less than 535,000 BTC have been moved which amounts to around $6.6 billion.

At the time of writing this piece, the exchange’s website is still very much functional and trading activities are presumably ongoing. However, there is no way to determine how many customers have left the exchange since the beginning of the saga.

As the community awaits the return of Arthur and BitMEX on Twitter, we’d like to hear your views on what might eventually become of BitMEX and what options exist in any case. Please share your views with us!


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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