BREAKING: The US Government Goes After Bitmex

Catching up with the biggest crypto news of the week.

Happy Thursday, Blockfolians

The Lede

You almost certainly have heard by now, but the U.S. Department of Justice and Commodity Futures Trading Commission are going after BitMEX (and its leadership) in a massive way.

BitMEX CEO Arthur Hayes Says 'There's Something Going On In Crypto'

First, what happened:

  • CFTC, DOJ charge BitMEX with ‘attempting to evade’ US Regulations

  • Acting U.S. Attorney for the Southern District of New York charged four of BitMEX’s leadership with violating the Bank Secrecy Act.

These are serious charges - including criminal charges that carry the potential for years of jail time. CTO Samuel Reed has already been arrested.

The Twitter hot takes and explanations are coming hot and fast.

The case looks….rough. From the announcement:

One defendant went as far as to brag the company incorporated in a jurisdiction outside the U.S. because bribing regulators in that jurisdiction cost just ‘a coconut’

Still, if anyone wins for the take that most resonates with us, it’s Bitcoin Magazine.

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Community Commentary

Terrifyingly true.
This is massively frustrating.

A Really Big Number We Should Be Paying Attention To


That’s the total circulating supply of stablecoins added in Q3 - a massive record

Final Thought