CZ posts tribute to Arthur Hayes, expressing regret over BitMEX's shutdown, noting that the exchange pioneered 100x leverage crypto contracts as early as 2014.
2026.07.23 21:18:22
Binance founder CZ has published a post paying tribute to BitMEX founder Arthur Hayes, expressing regret over BitMEX’s shutdown. Here are some of his thoughts: BitMEX was the first platform to launch 100x cryptocurrency trading as early as 2014. Delivery futures had already existed prior to that, leading to extremely high trading volumes on Fridays. BitMEX only accepted Bitcoin deposits, supported a single blockchain, allowed only one withdrawal per day, and required all withdrawals to be processed via a multi-signature wallet. These seemingly inconvenient restrictions actually helped the platform avoid hacker attacks. After 18 months of legal proceedings, the four founders ultimately pleaded guilty to violating the Bank Secrecy Act (BSA) one month before their trial. Each was fined $10 million and placed under house arrest; none were imprisoned. However, their business ultimately failed to survive the Biden administration’s so-called "crypto war". Finally, BitMEX’s liquidation process appeared orderly, enabling users to withdraw their assets. A tribute to Arthur Hayes.
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