{"id":17621,"date":"2024-04-09T15:36:23","date_gmt":"2024-04-09T15:36:23","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17621"},"modified":"2024-04-09T11:43:14","modified_gmt":"2024-04-09T11:43:14","slug":"bitmex-co-founder-faces-lawsuit-over-market-manipulation","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitmex-co-founder-faces-lawsuit-over-market-manipulation\/","title":{"rendered":"BitMEX Co-Founder Ben Delo Faces Lawsuit"},"content":{"rendered":"<p><strong>BitMEX<\/strong>, a prominent crypto currency exchange, finds itself engaged in a dispute as co-founder Ben Delo faces a class-action lawsuit following a ruling by a United States federal judge. <strong>The lawsuit alleges that BitMEX engaged in a scheme allowing manipulation of prices on the exchange<\/strong>, with Delo being implicated as a key figure in orchestrating these manipulative practices. This development signals a pivotal moment in the ongoing scrutiny of cryptocurrency exchanges and the regulatory landscape surrounding their operations.<\/p>\n<h2>Jurisdictional Dispute Resolved: U.S. Courts to Proceed<\/h2>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-zvwzi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-zvwzi-1n7m0yu\">\n<div>\n<div class=\"flex flex-col text-sm pb-9\">\n<div class=\"w-full text-token-text-primary\" dir=\"auto\" data-testid=\"conversation-turn-5\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 juice:gap-4 juice:md:gap-6 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group final-completion\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"mt-1 flex gap-3 empty:hidden\">\n<div class=\"text-gray-400 flex self-end lg:self-center items-center justify-center lg:justify-start mt-0 -ml-1 h-7 gap-[2px] visible\">Despite Ben Delo&#8217;s attempts to evade the jurisdiction of U.S. courts due to his British citizenship, District Judge Andrew Carter of the New York District Court dismissed this argument. In an order signed on April 3 and published on April 8, <strong>Judge Carter affirmed the court&#8217;s jurisdiction<\/strong>, citing Delo&#8217;s substantial engagement with the United States. The judge&#8217;s decision underscores the gravity of Delo&#8217;s alleged involvement in the manipulative actions, particularly highlighting his role in crafting a &#8220;liquidation system&#8221; purportedly designed to bolster BitMEX profits during manipulative maneuvers.<\/div>\n<\/div>\n<div><\/div>\n<\/div>\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"pr-2 lg:pr-0\">The lawsuit contends that BitMEX maintained a trading desk, <strong>&#8220;God Access&#8221;<\/strong> which granted access to customer accounts and information. Plaintiffs argue that this privileged access was exploited to manipulate market prices to the exchange&#8217;s advantage. Furthermore, Delo is accused of endorsing crucial financial and trading decisions for BitMEX, including the operation of the controversial trading desk. Additionally, plaintiffs allege that Delo personally engaged in trading on the platform, leveraging privileges unavailable to regular users to potentially exploit systemic vulnerabilities and gain unfair advantages in trading activities.<\/div>\n<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"w-full pt-2 md:pt-0 dark:border-white\/20 md:border-transparent md:dark:border-transparent md:w-[calc(100%-.5rem)]\">\n<div class=\"relative flex h-full flex-1 flex-col\">\n<div class=\"absolute bottom-full left-0 right-0\">The outcome of this case could have significant difficulties for the crypto currency industries, as <a href=\"https:\/\/coinengineer.net\/blog\/fed-kashkari-bitcoin\/\">legislation for crypto currencies<\/a> is on the table, it amplifies further <strong>regulations<\/strong>.<\/div>\n<div><\/div>\n<div><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates<\/em><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BitMEX, a prominent crypto currency exchange, finds itself engaged in a dispute as co-founder Ben Delo faces a class-action lawsuit following a ruling by a United States federal judge. The lawsuit alleges that BitMEX engaged in a scheme allowing manipulation of prices on the exchange, with Delo being implicated as a key figure in orchestrating<\/p>\n","protected":false},"author":6,"featured_media":17623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2624,1390],"class_list":["post-17621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitmex","tag-lawsuit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BitMEX Co-Founder Ben Delo Faces Lawsuit - Coin Engineer<\/title>\n<meta name=\"description\" content=\"BitMEX, a prominent crypto currency exchange, finds itself engaged in a dispute as co-founder Ben Delo faces a class-action lawsuit\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitmex-co-founder-faces-lawsuit-over-market-manipulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMEX Co-Founder Ben Delo Faces Lawsuit - 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