BitMEX (BMEX)

A CEX

Basics

• Based in:
• Started in / Announced on: 2014
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].
• SafeCEX scored it 28% (8-12-2022):

"⌛️ 29 days since Proof of Reserves

📎 Announcement

🔎 Assets included: BTC

❌ Merkle tree not available or not verifiable online

❌ Merkle tree not open sourced

✅ Wallet addresses made public

❌ Wallet ownership not audited by third-party

❌ Wallet ownership not proven publicly by custom message"

Bugs/Exploits

• Had a day of chaos on 1-11-2019: "Customers Doxxed, Twitter Account Hacked, Reports of Slow Withdrawal Times"

Token

Launch

• The launch of BMEX was delayed because of market conditions, but the exchange’s CEO wants (2-10-2022) to get it launched before the end of 2022.

Token Allocation

• From Bitcoin.com (22-12-2021):

"There are a few ways to get the BMEX token and one way is to register as a new user and complete the KYC process. People who do this will get five BMEX and ten tether (USDT) tokens. Bitmex says that the company will airdrop coins to existing and new users by February 1, 2022. Users can also earn BMEX by trading on the exchange or referring at least three friends to register."

Utility

• According to the announcement (22-12-2021), traders can save up to 25% trading by leveraging BMEX tokens.

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on:

Compliance

• BitMEX has announced a User Verification (read KYC) program (25-8-2020).

Roadmap

• Can be found [Insert link here].

Competition

• UMA Protocol announced on Twitter it would build a DEX version (1-10-2019):

“BitDEX: Building a Decentralized BitMEX with Priceless Financial Contracts”

• From Decrypt (1-10-2020):

"The U.S. CFTC filed money-laundering and related charges against exchange BitMEX. The regulatory enforcement agency said that BitMEX was illegally operating in the U.S. Separately, the U.S. Attorney in New York filed related criminal charges against the owners, Arthur Hayes, Ben Delo, and Samuel Reed."

Team, Funding and Partners

Team

• Sam Reed; CTO
• Arthur Hayes, Ben Delo are co-founders
• The CEO stepped down after DoJ accusations (8-10-2020).

Funding

• Awarded a $60,000 non-exclusive grant to Micheal Ford to continue working on Bitcoin Core.
• Bitcoin Core often construed as an elite inner circle holding the Bitcoin network hostage. BitMEX Research disagrees, looking at three different ways competition exists within Bitcoin: between chains, between independent implementations, and other competing software projects; BitMEX finds that regardless of an offshoots goals, it requires network consensus. In the same manner, Bitcoin Core requires network consensus and its actual power is vastly overestimated; the ability to alter or maintain code does not mean it will be adopted by the greater network. (However it is good to keep in mind that BitMEX has given grants to Bitcoin Core devs before to continue their work. It could be that they are genuine about this research, or that they have a bias.)
• Invested in Blockfolio.
• Gave a grant (8-12-2020) to Amiti Uttarwar.
• Had a 3AC position which it liquidated after the UST fallout in May 2022.

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