Bitcoin, Crypto currency, Blockchain

After the manipulation allegations: BitMEX is clear – users are alienated

The cryptographic stock exchange BitMEX gives the all-clear. The trading platform, including derivatives for Bitcoin and Ether can be traded, according to its own information, in the short term under a DDOS attack. On their Twitter Account, the company gave the all-clear – according to this, everything was back in the green. Not so in the case of the users seem to be alienated to a large extent. Of Manipulation the speech.

The cryptographic stock exchange BitMEX, the man can act, among other things, Bitcoin derivatives, was briefly under a DDOS attack, has now, however, according to its own information, everything is under control. It all began with the announcement of the “maintenance work” on the Website:

The first signs of inconsistencies could be seen in the Twitter Account of the company, as at 22. August reported that many users have reported problems when logging in:

Shortly thereafter, BitMEX found that she had fallen victim to aggression, the Login have, however, stabilised again:

On the same day as the all-clear came. So BitMEX have the situation under control again and everything could go on as usual:

While the Login was in the short term is not possible, have brought many users to the possibility of your Short Position to resolve or to act at all. So the Community responded with little enthusiasm. The allegations went, ultimately, to the extent that a user is referred to the exchange as a “disgrace for the whole Ecosystem”:

In the meantime, the price of Bitcoin had risen to 400 US $ 6.800 US Dollar, which coincided with the liquidation of a large number of Short Positions.

What had happened?

The liquidation of Short Positions coincided with the short-term maintenance of BitMEX – as a result, many Trader already lost any ability to act. Since this was apparently announced, would have allowed to the users, therefore, not surprised to feel. Rather, it was the debacle that followed, what verprellte the Trader so much. A – however short-term – Suspend the Logins could cost the Trader a large amount of capital. Worse still, The delay by the (alleged) DDOS attack led to the fact that many users could not access for long periods of time on their Accounts. So they were unable to act. The maintenance of the stock market, the rise in short-term price and the attack is followed in such a short period of time, so quite some doubt on whether the Bitcoin-trading platform work with clean products:

Ultimately, there are always re-emerging security gaps and allegations of manipulation, the evidence of the Immaturity of the Bitcoin Ecosystem. A targeted regulation and regulated exchanges would provide investors with significantly more security.

Addendum: As it turns out, has BitMEX according to Bloomberg, the entire 45. Floor of the “world’s most expensive Offices” in Hong Kong rented. The Cheung Kong Center is the home of in addition to wealthy companies such as Goldman Sachs Group Inc., Barclays, Bank of America Corp. and Bloomberg LP, and the Empire of billionaire Li Ka-Shing.

Leave a Comment