BitMEX Hit With Class Action Seeking Return of 622 BTC, Valued at $40.7M

BitMEX is facing a proposed class action in the U.S. District Court for the Southern District of New York seeking the return of 622.66 BTC, a stake worth roughly $40.7 million at current prices. The complaint, filed July 23, 2026 and docketed as No. 1:26-cv-06259, names HDR Global Trading Limited along with founders Arthur Hayes, Benjamin Delo, Samuel Reed, and executive Gregory Dwyer as defendants.

Plaintiffs BKX Services Inc. and David Namdar allege that BitMEX ran an internal trading desk with access to customer order data and traded against its own users. The complaint further claims that platform freezes during periods of high volatility contributed to forced liquidations that wiped out client positions, the basis for the 622 BTC recovery demand.

What the numbers say

At roughly $65,400 per BTC — the implied price behind the lawsuit’s $40.7 million valuation of 622.66 BTC — the claim is sizable but far from the largest sum in dispute across BitMEX’s legal history. The filing does not specify a time window for the alleged liquidations, but the structure of the complaint, focused on an internal desk trading against clients, echoes long-standing accusations that have followed the exchange since its early years of dominance in Bitcoin derivatives.

BitMEX has not issued a public response to the specific allegations in this filing as of publication. The case adds to a mounting legal and financial reckoning for the platform, which has separately been embroiled in disputes over a $270 million insurance fund tied to its wind-down, while its native BMEX token has lost roughly 96% of its value from earlier highs.

Why this matters for BitMEX users and creditors

For traders who held positions on BitMEX during periods of alleged forced liquidation, this class action opens a new avenue to potentially recover lost Bitcoin, separate from ongoing insurance fund negotiations. A successful outcome could set a precedent affecting how other legacy derivatives platforms are held accountable for internal trading practices during liquidation cascades.

The case is still in its early stages, and the allegations remain unproven. No court has ruled on the merits, and the defendants have not yet filed a formal response. Investors and former BitMEX customers watching the docket should treat the $40.7 million figure as the plaintiffs’ claimed value, not a confirmed recovery amount.

Read more: BitMEX Shutdown: $270M Insurance Fund Disputed as BMEX Token Sheds 96%

Sources

• bitcoinist.com
• newsbtc.com