2024

United

April

when

<p>BitMEX co-founder Ben Delo is set to face a class-action lawsuit following a ruling by a United States federal judge.<a href="https://www.cryptopolitan.com/bitcoins-future-in-jeopardy-bitmex-founder/" rel="noopener noreferrer nofollow"> BitMEX</a> is under fire for using a scheme that allowed prices on the exchange to be manipulated, with Delo being alleged as key in such manipulation.This decision marks a notable moment in the ongoing scrutiny of cryptocurrency exchanges and their operations.</p>
<h2 class="wp-block-heading" id="bitmex-founder-faces-lawsuit-over-market-manipulation">Bitmex founder faces lawsuit over&nbsp; market manipulation</h2>
<p>The<a href="https://twitter.com/BlockVoyagerAIO/status/1777581324150231519" rel="noopener noreferrer nofollow" target="_blank"> ruling</a> came from District Judge Andrew Carter of the New York District Court. Mr. Delo, a British citizen, has, for the same reason as aforesaid, tried to get rid of the lawsuit by insisting that the U.S. courts do not have jurisdiction over him.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">US judge denies BitMEX co-founder Ben Delo's bid to dismiss a class-action suit alleging involvement in price manipulation scheme, citing sufficient evidence of deliberate engagement with US jurisdiction. Delo faces scrutiny over 'God Access' trading desk.</p>— BlockVoyager (@BlockVoyagerAIO) <a href="https://twitter.com/BlockVoyagerAIO/status/1777581324150231519?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>However, Judge Carter dismissed this argument in an order signed on April 3 and published on April 8, affirming that Delo had engaged sufficiently with the U.S. to warrant the court’s jurisdiction.</p>
<p>Judge Carter’s sentence underlined the significance of Delo vis-à-vis the alleged manipulative actions. This aspect was emphasized when the judge referred to Delo’s role in the drafting of a “liquidation system” purportedly designed to generate BitMEX profits during the manipulative manoeuvres.</p>
<p>This system, as outlined in the lawsuit, gave BitMEX a trading desk referred to as having “God Access,” which enabled it to access customer accounts and information in a manner that plaintiffs argue was used to manipulate market prices to the exchange’s advantage.</p>
<h2 class="wp-block-heading" id="implication-of-the-lawsuit-to-crypto-regulations">Implication of the lawsuit to crypto regulations&nbsp;</h2>
<p>The lawsuit further accuses Delo of approving key financial and trading decisions for BitMEX, including the operation of the controversial trading desk. In addition, the plaintiffs allege that the defendant, Delo himself, performed trade on the platform, enjoying the privileges that not available to the ‘normal’ users but could potentially exploit systemic vulnerability and trade advantage that the ordinary users couldn’t.</p>
<p>As the legal proceedings against Ben Delo move forward, the outcome of this lawsuit could have far-reaching implications for the cryptocurrency industry, particularly regarding how exchanges are designed and operated. In light of the ever-increasing digitalization of money and its inclusion into the global financial grid, the ethics and morality of these platforms are becoming more and more in the focus of critical analysis.</p>
<p>The BitMEX case not only underscores the need for regulatory clarity in the cryptocurrency space but also highlights the potential legal risks facing founders and operators of digital asset exchanges. The industry may undergo more scrutiny than before and will serve as a trend indicator of future direction of regulation of cryptocurrencies as well as enforcement of laws for digitization of currency trading.</p>
<p>news sourced from tweets from <a href="https://twitter.com/BlockVoyagerAIO/status/1777581324150231519" rel="noopener noreferrer nofollow" target="_blank">https://twitter.com/BlockVoyagerAIO/status/1777581324150231519</a></p>

BitMEX Co-Founder Ben Delo to face class-action lawsuit, judge rules

Table of Contents

Cryptopolitan_News

Andre artikler udgivet 9. apr. 2024

Is Bitcoin headed for a $20K crash? Survey reveals this

Tottenham Hotspur Fan Token (SPURS) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethena’s Price Soars 76% in a Week as Hottest New Meme Coin Nears DEX Launch

Enthusiasm for Bitcoin ETFs Wanes After Seven Weeks of Euphoria

Binance turns the page on regulatory gaps and commits to a compliance quest

Fetch.ai and The Graph Users, Meet Raboo: The Meme Coin with a Difference

Join our free newsletter for daily crypto updates!