The former chief technology officer of the troubled BitMEX exchange has been released from custody after a bond for $5 million was paid in the U.S.

  • The news was made public in a document from the District Court of Massachusetts, first reported by The Block.
  • In the document, Samuel Reed pledged to appear in court and comply with sentencing or risk the loss of the bond.
  • He was arrested in Massachusetts on Oct. 1, as the U.S. Commodities Futures Trading Commission (CFTC) and the Department of Justice both announced charges against BitMEX, one of the biggest crypto derivatives trading platforms, and its senior executives.
  • The charges include offering illegal trading of derivatives to U.S. retail investors and violating the Bank Secrecy Act.
  • Thursday, BitMEX's parent firm 100x Group announced CEO Arthur Hayes and Reed – both founders – had stepped down from their management positions following the charges.
  • Greg Dwyer, the head of business development, would take a leave of absence, the exchange said.

Also read: Crypto Trading Platform BitMEX ‘Attempted to Evade’ US Regulations, CFTC, DOJ Charge

Read more about...

BitMEXCourt CasesCoinFlash
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.