Business

Erik Gibbs

July was the worst month ever for BitMEX

BitMEX, a major cryptocurrency derivatives market, didn’t have a very good July. In fact, July was the worst month in the organization’s history, as the platform dropped more than $500,000 in the span of 31 days. While many companies have been able to enjoy better success due to the crypto bull run, BitMEX apparently hasn’t been able to find its footing.

Token Analyst, a firm specializing in blockchain analysis, first pointed out the drop, according to a tweet by “Ceteris Paribus.” The Twitter account stated, “Bitmex had $524M net outflows in July. It had never had more than $100M in a single month.” That compares to an ingress of $1.3 billion last year, and Ceteris adds, “There was not a single month where outflows were greater than inflows.”

Part of the decline can certainly be attributed to the U.S. The Commodity Futures Trading Commission (CFTC) is reportedly investigating the company for possibly allowing trades in the country without first securing the requisite registration. The company’s CEO, Arthur Hayes, has previously stated that it could be possible that some of his employees have allowed U.S.-based investors to take advantage of the platform’s services.

Hayes and BitMEX have also come under attack by crypto’s diehard opponent, economist Nouriel Roubini. Despite already having shown that he has zero understanding of how digital currency works in the scheme of global economies, Roubini continues to lambast the space and made it a point to >pick on BitMEX directly, stating, “…Despite the overwhelming evidence of rampant fraud and abuse, financial regulators and law-enforcement agencies remain asleep at the wheel.”

If Roubini wants to call out anyone for “rampant fraud and abuse,” he only needs to look in his own financial backyard. He has also repeatedly – and erroneously – called the Bitcoin ecosystem a haven for criminal activity, despite overwhelming evidence to the contrary.

BitMEX won’t suffer too long from the investigation or from Roubini’s misguided and fallacious attacks. The company has already begun to see improvements since August rolled around and the company’s ingresses are now beating its egresses.

That’s good news for The Giving Pledge, a global charity organization with participation by some of the richest people in the world. One of these is BitMEX founder Ben Delo, who still owns 30% of the company. Delo has previously stated that he would donate the bulk of his more than $1-billion fortune to the charity.

To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.

COMMENT

[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]