BitMEX Ran Into a Critical Outage; Crypto Trader Brands It Horrid Exchange – The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News

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BitMEX has been branded a terrible crypto exchange by Scott Melker. The analyst warned many times to not touch the troubled platform. Furthermore, he gave warnings continuously for the past three years.

Just your weekly reminder that Bitmex is a horrid exchange that almost took the Bitcoin price to 0 a week ago.

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The base of the BitMEX Crypto Exchange is in the Indian Ocean island of Seychelles. The huge platform recently experienced a critical outage for over an hour on Tuesday. Also, this left traders stranded. Other analysts have echoed Scott Melker’s criticism. They said they didn’t understand why investors didn’t keep well away from the exchange.

This is not the first time that the BitMEX has hit the headlines for all the wrong reasons. Just last week, the exchange, which has been called a “Bitcoin casino”, was hit with a lawsuit by a Puerto Rican watchdog. It was over the claims of involvement in a massive global money-laundering operation. Problems with user privacy have also led to a declining market share for what was once the world’s biggest derivates exchange.

The foundation of the BitMEX Crypto Exchange took place in 2014. Four years later, the reports were that Ben Delo, one of its co-founders, was UK’s first billionaire to make the majority of his money from Bitcoin. American entrepreneur Ben Hayes runs this exchange. He says that he expects the cryptocurrency to breach its all-time high in 2020.

Melker, of trader education provider Texas West Capital, is a respected crypto trader and advisor to a number of platforms. He goes by the tag of The Wolf of All Streets on Twitter. Furthermore, his followers recognize him through his risk management advice.

Many cryptocurrencies exchange are experiencing difficulties amid an unprecedented demand brought on by the coronavirus pandemic. Coinbase, the largest American crypto exchange, was also affected by an outage earlier this month. Furthermore, BitMEX said it would be releasing a statement covering its outage investigation in the next few days.

Source: https://www.thecoinrepublic.com/2020/05/22/bitmex-ran-into-a-critical-outage-crypto-trader-brands-it-horrid-exchange/

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