BitMEX Replies “Conspiracy Theory” to Allegations

The famous cryptocurrency exchange BitMEX has been the focus of criticism due to the failure experienced after Bitcoin (BTC) fell to $ 3,700. According to a tweet by the company, a number of problems arose during the crazy trading activity on the evening of March 12. As a result, BitMEX remained offline for about 25 minutes, and was only able to fix the problem at 3 p.m. The company tweeted and said the following:

“Between March 13, 2020, 02:16 and 02:40 UTC, we have noticed a hardware issue with our cloud service provider, causing BitMEX transactions to be delayed.”

While the stock market received the highest sales demand this year, total volumes for Bitcoin futures also broke records.

Rejects “Conspiracy Theory”

However, against the background of heavy losses for Bitcoin investors everywhere, BitMEX is currently receiving intense criticism. In addition to technical reliability, one theory even suggests that exchanges contribute to the record daily losses of BTC / USD.

Alameda CEO Sam Bankman-Fried said, “The crazy theory of the day: There was no hardware problem in BitMEX.” According to Bankman-Fried’s claims, BitMEX was reluctant to address market conditions that accelerated the fall of Bitcoin. In short, he did not act according to market conditions. When the platform became inaccessible, Bitcoin got better.

BitMEX responded to all these claims by saying “conspiracy theory”. “This is crazy, yes,” said an employee speaking on the subject. Sam, you know this kind of conspiracy theory. Especially since you run a platform in the field and understand what kind of problems may arise on the scale ”.

Bankman-Fried later said he believed in BitMEX’s statements.