BitMEX has long been a polarizing platform within the crypto industry, with it being the trading venue of choice for those utilizing margin, while also contributing to some of the most precarious price movements ever seen by Bitcoin.
One such example would be March 12th â€“ otherwise known as Black Thursday â€“ during which time the price of BTC crashed from the $8,000 region down to lows of $3,800.
This move was one of the most extreme moves that the crypto has ever seen and was widely blamed on BitMEXâ€™s engine triggering a cascade of position liquidations that cost users fortunes and damaged Bitcoinâ€™s market structure.
The second trading on the platform was paused,Â BTCâ€™s priceÂ decline slowed and it began moving higher.
Despite this, BitMEXâ€™s importance within the crypto ecosystem cannot be understated, which is what made the CFTCâ€™s recent decision to charge the three co-founders of the platform quite concerning to investors.
These co-founders are now all stepping down from their executive positions within the company, marking the end of an era.
BitMEX parent company 100x Group undergoes leadership change
Earlier this month, news broke regarding the Commodities and Futures Trading Commissionâ€™s decision to charge the three co-founders ofÂ BitMEXÂ for violating multiple regulations via the operation of the crypto derivatives exchange.
This news instantly sent shockwaves throughout the entire crypto market, with Bitcoinâ€™s price plunging by $500 in the minutes following the reports, as well as investors growing fearful of an imminent regulatory crackdown.
There havenâ€™t been any subsequent developments surrounding the CFTCâ€™s pursuit of the co-founders.
Today, the cryptocurrency exchangeâ€™s parent company â€“ the 100x Group â€“ announced that it will be undergoing leadership changes, with all three co-founders stepping down from their executive roles within the company.
A newlyÂ released blog postÂ detailed the changes, stating:
â€œFounders Arthur Hayes and Samuel Reed have stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect. With fellow Founder Ben Delo, they will not hold executive positions in the 100x Group. Additionally, Greg Dwyer will take a leave of absence from his role as Head of Business Development.â€
David Wong â€“ the chairman of the 100x Group â€“ stated that it is â€œbusiness as usualâ€ at the company, and they are making these changes in order to shift their energy back onto the 100x Groupâ€™s core focus.