Lawsuit claims BitMEX used server freezes and internal trading to seize 622 Bitcoin ahead of its September closure
BitMEX faces a proposed class action in Southern District of New York seeking return of 622.66 BTC allegedly taken through engineered liquidations and retained collateral. BKX Services says it lost 305.809 BTC in 2018, and David Namdar claims 316.856 BTC in 2019–2020. The suit seeks the coins themselves under replevin and fraud claims, not just dollar damages. It names HDR Global Trading, several affiliates, and former executives Arthur Hayes, Samuel Reed, Benjamin Delo, and Gregory Dwyer. Plaintiffs allege BitMEX’s liquidation system seized excess collateral, transferred it to an Insurance Fund, and that an internal trading desk had privileged visibility into customer orders and could trade during freezes to trigger liquidations. BitMEX called the claims baseless. The filing follows a prior class action dismissed without prejudice in June 2025 and comes as BitMEX begins a regulator-approved wind-down ahead of its Sept. 23 closure.
