BitMEX Token Plunges After Exchange Shutdown | Crypto Security News
Crypto security news: BitMEX Token Plunges After Exchange Shutdown. This update explains what happened, why it matters for wallets, exchanges, traders, and users, and what the market should watch next.
Crypto Security Update
[Update, 15:18 UTC, July 23 – Adds comment from cofounder beginning in sixth paragraph.]BitMEX’s utility token lost almost all of its value after the exchange announced Thursday it would wind down operations.The BitMEX (BMEX) token plunged 90% to as low as $0.002 from $0.06, according to CoinGecko data. It traded at $0.0063 at the time of writing.The token, which had traded near $0.06 in recent weeks, began falling at around 7:00 am UTC, roughly an hour before BitMEX announced the shutdown on X.Source: CoinGeckoBitMEX announced the closure after its share of the Bitcoin futures market fell to about 0.08%, with roughly $84 million in daily Bitcoin futures trading volume, according to CryptoQuant CEO Ki Young Ju.“It was a great exchange that helped shape the industry, and now it is passing the torch to the next generation of exchanges it inspired,” Ju said in an X post on Thursday. Later Thursday, BitMEX cofounder Arthur Hayes said in an X post: “It was an amazing ride. We did something special together.”Blockchain analytics platform 10x Research said in an update shared with Cointelegraph that BitMEX’s owners had explored a potential $1 billion sale in 2025 before choosing an orderly wind-down.The decision came less than a year after BitMEX marked its 11th anniversary in November 2025, celebrating its role in creating the perpetual swap, a type of futures contract with no expiration date.Related: SecondFi to wind down after $2.6M ADA theft linked to wallet flaw“BitMEX’s closure is not an isolated event. It is the latest in a series of structural corrections playing out across the digital asset industry as the competitive landscape compresses, regulatory costs rise and the margin for operational inefficiency narrows,” Roshan Dharia, a restructuring advisor and CEO of investment firm Echo Base, told Cointelegraph.
Why This Security News Matters
First, this development may affect exchange safety, wallet security, user trust, and broader market sentiment. In addition, it may influence platform security practices, fund recovery efforts, and regulatory pressure. As a result, traders and crypto users should watch the next updates closely.
What To Watch Next
Watch for official statements, post-mortem reports, wallet warnings, exchange responses, and fund recovery updates. In particular, any new details about phishing, exploits, private key exposure, or security patches could directly affect the broader crypto market.
