BitMEX (BMEX)

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DYOR started out in 2015 on Fandom and has now grown to ~3500 pages on CryptoWiki.me 🤩

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## Basics

* Based in:
* Started in / Announced on: 2014
* CEX

## Audits & Exploits

* Bug bounty program can be found [insert here].

### Bugs/Exploits

* Had a day of chaos on 1-11-2019: *"Customers Doxxed, Twitter Account Hacked, Reports of Slow Withdrawal Times"*

## Token

### Token Allocation

* From Bitcoin.com (22-12-2021):

*"There are a few ways to get the BMEX token and one way is to register as a new user and complete the KYC process. People who do this will get five BMEX and ten tether (USDT) tokens. Bitmex says that the company will airdrop coins to existing and new users by February 1, 2022. Users can also earn BMEX by trading on the exchange or referring at least three friends to register."*

### Utility

* According to the announcement (22-12-2021), traders can save up to 25% trading by leveraging BMEX tokens.

## Technology

* Whitepaper or docs can be found [insert here].
* Code can be viewed [insert here].

## Compliance

* BitMEX has announced a User Verticiation (read KYC) program (25-8-2020).

## Competition

* UMA Protocol announced on Twitter it would build a DEX version (1-10-2019):

*“BitDEX: Building a Decentralized BitMEX with Priceless Financial Contracts”*

* From Decrypt (1-10-2020):

"*The U.S. CFTC filed money-laundering and related charges against exchange BitMEX. The regulatory enforcement agency said that BitMEX was illegally operating in the U.S. Separately, the U.S. Attorney in New York filed related criminal charges against the owners, Arthur Hayes, Ben Delo, and Samuel Reed."*

## Team, Funding and Partners

### Team

* Sam Reed; CTO
* Arthur Hayes, Ben Delo are co-founders
* The CEO stepped down after DoJ accusations (8-10-2020).

### Funding

* Awarded a $60,000 non-exclusive grant to Micheal Ford to continue working on Bitcoin Core.
* *Bitcoin Core* *often construed as an elite inner circle holding the Bitcoin network hostage.BitMEX Research disagrees, looking at three different ways competition exists within Bitcoin: between chains, between independent implementations, and other competing software projects; BitMEX finds that regardless of an offshoots goals, it requires network consensus. In the same manner, Bitcoin Core requires network consensus and its actual power is vastly overestimated; the ability to alter or maintain code does not mean it will be adopted by the greater network.* (However it is good to keep in mind that BitMEX has given grants to Bitcoin Core devs before to continue their work. It could be that they are genuine about this research, or that they have a bias.)
* Invested in Blockfolio.
* Gave a grant (8-12-2020) to Amiti Uttarwar.

### Partners

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