A former JPMorgan derivatives trader is suing one of the world’s biggest cryptocurrency exchanges for $300 million after it allegedly failed to deliver his equity. According to filing with the Superior Court of the State of California in San Francisco dated Dec. 4, Frank Amato and RGB Coin are now pursuing action against BitMEX, its CEO Arthur Hayes and owner HDR Global Trading. Investor: BitMEX prevented recognition of entitlement Amato says he was among the first seed investors in BitMEX in 2015, contributing $30,000 on the understanding he would later receive equity in the company. Amato alleges that this has …

Back in the early days, when Bitcoin (BTC) was but a niche experiment for cypherpunks and basement-dwelling hobbyists, the process of its creation required little more than a budget CPU. Since that time, however, an entire industry has sprung forth and a quasi-gold rush rivaling that of the 1850s has taken the world by storm. As a direct result of both the increasing difficulty of Bitcoin mining and the decreasing profitability of mining solo, the current mining industry has become dominated by huge conglomerates. Ostensibly known as Bitcoin’s industrial revolution, the rise of mining collaborations changed the game for everyone. …

On the first day of November, it came to light that popular crypto derivatives exchange BitMEX had accidentally leaked sensitive data related to its users, which occurred as a result of the company failing to apply a blind copy protocol to its mass mail servers. The lapse was acknowledged by the firm just a few hours later. BitMEX’s deputy chief operating officer, Vivien Khoo, released a statement saying that BitMEX had accidentally sent out a message to most of its users containing the email addresses of other users in the “to” field, adding: “We are deeply sorry for the concern …

BitMEX, the biggest crypto exchange by trade volume to date, says that no other data except email addresses has been disclosed in a recent email leak. “At no point were any of our core systems at risk” After the first reports on the accident on Nov. 1, BitMEX released an official statement on the issue Nov. 4, emphasizing that no personal or account information has been disclosed beyond email addresses. Apologizing for the concern caused by the leak, the exchange added that none of BitMEX’s core systems were at risk at any point. BitMEX has not sent mass emails since …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week BitMEX investigating “extent of impact” after mass email leak Think you’ve had a challenging week? Spare a thought for BitMEX. First, the crypto derivatives exchange accidentally leaked its users’ email addresses by forgetting to BCC them on a mass message. Crypto lawyer Jake Chervinsky described the company as “outrageously incompetent” amid fears that account holders …

In the aftermath of the recent BitMEX data leak, lawyer and general counsel at decentralized finance startup Compound Finance Jake Chervinsky raised the question of whether exposing the public to data risks that Know Your Client (KYC) requirements entail is worth it. It is about time we reconsider KYC In a tweet posted on Nov. 1, Chervinsky calls KYC requirements “are a double-edged sword.” He explained that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, phishing and identity theft. In the end, Chervinsky raised the question: “It's about time we reconsider if the …

Hackers took over the Twitter account of cryptocurrency exchange BitMEX after the previously reported leak of customer email details on Nov. 1. The exchange claims that, although its Twitter account was hacked, all user funds are safe. “Hackers” tease individual IDs and take over BitMEX Twitter Since the update was published, hackers briefly gained control of the BitMEX Twitter account, posting two messages which were swiftly deleted. The first message read “Take your BTC and run. Last day for withdrawals,” followed by another reading simply, “Hacked.” Following this a Twitter account named “Bitmexdatabaseleak” sprang up, leaking individual user IDs and …

Crypto derivatives exchange BitMEX has accidentally leaked user emails by forgetting to use blind copy (bcc) on a mass email. The incident was acknowledged by BitMEX in an official statement published today, Nov. 1. Cointelegraph’s editorial team in Japan have independently revealed that a staff member was the recipient of the BitMEx newsletter in question. “Outrageously incompetent” In a tweet posted on Nov. 1, crypto-focused lawyer Jake Chervinsky characterized BitMEX’s accidental public sharing of user email data as a simple error committed in the “outrageously incompetent way imaginable.” Concerned community members have pointed out that the leak makes BitMEX account …

Crypto derivatives exchange BitMEX is implementing major changes to the weights of its indices later this month, according to an announcement published today, Nov. 1. The exchange says the update is a bid to ensure that users trade against a reference price that “more closely reflects the market consensus price of underlying assets.” New weightings and new index-constituent exchanges With the new indices set go live on Nov. 22, published details indicate that the most significant changes will be the inclusion of data from three new index-constituent exchanges as well as a design to make indices reflect higher weights for …

Still in its infancy, the cryptocurrency market currently only offers a fraction of the trading and investment products available in traditional financial markets. Over the past few years, however, the crypto space has continued to develop with products around Bitcoin (BTC) and other crypto assets, such as BitMEX futures and Deribit options. Mainstream financial entities have also continued to enter the growing sector with crypto trading and investment products, including the Chicago Mercantile Exchange’s (CME) cash-settled Bitcoin futures and Bakkt’s physically-settled Bitcoin futures. Back in September 2019, CME announced plans to launch Bitcoin options on its Bitcoin futures trading products …

In 2018, the executive on the board for the European Central Bank (ECB) declared Bitcoin, “the evil spawn of the financial crisis” — referring, of course, to the economic disaster 10 years prior. Interestingly, also born from the ashes of the mortgage crisis was the United States government’s adoption and unabated use of quantitative easing (QE). However, according to some, there’s more of a connection between Bitcoin (BTC) and the government’s use of QE than just their origins. A recent tweet from BitMEX CEO Arthur Hayes highlighted this supposed correlation: “QE4eva is coming. Once the Fed gets religion again, get …

BitMEX CEO and co-founder Arthur Hayes says traditional traders may lose their lunch breaks and weekends as digital finance is going to change everything, including workplaces. Cryptocurrencies trade 24/7 In a Sept. 19 article by Bloomberg, Hayes noted that cryptocurrencies trade 24 hours a day, seven days a week — and claimed this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.” The CEO of BitMex made his remarks at the Milken Institute Asia Summit in Singapore, where he added that “traders may even lose their lunch breaks and …