BitMEX Suit Plaintiffs Claim to Present New 'Smoking Gun' Evidence

The plaintiffs have requested the stay on discovery currently in place be lifted.

AccessTimeIconJun 9, 2021 at 12:44 p.m. UTC
Updated Sep 14, 2021 at 1:08 p.m. UTC

HDR, the parent company of crypto trading platform BitMEX, which was charged with facilitating unregistered trading in October, faces new "smoking gun" evidence, according to a motion filed by the plaintiffs.

  • The notice filed Tuesday requested the stay on discovery currently in place be lifted and the normal discovery process be allowed to progress.
  • BitMEX and senior executives, including CEO Arthur Hayes and company owners Benjamin Delo and Samuel Reed, were charged with facilitating unregistered trading and other violations.
  • The civil lawsuit brought by plaintiffs BMA LLC, Yaroslav Kolchin, Vitaly Dubinin and others at the end of October 2020 alleges Hayes, Delo and Reed absconded with over $440 million of proceeds from nefarious activities to reduce the assets seized by authorities when charges were brought.
  • HDR denied the charges through a spokesperson, calling the claims "spurious."
  • The plaintiffs will move to lift the current stay on discovery on July 14 "in view of both ample and detailed facts and overwhelming documentary evidence."
  • The alleged "smoking gun evidence" includes photographs, screenshots and impartial witness statements which the plaintiffs claim should prove market manipulation on the part of BitMEX.
  • BitMEX did not immediately respond to CoinDesk's request for comment.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about