BitMEX probes the rapid sale of over 400 BTC by the unidentified party on the BTC/USDT spot market

BitMEX initiates a probe into unusual activity following reports of a brief Bitcoin price dip on its platform. Users observed a sudden drop in Bitcoin’s value to approximately $8,900 on BitMEX’s BTC/Tether spot market around 1 am UTC.

An unidentified entity purportedly sold more than 400 BTC within a short span, prompting BitMEX to confirm the large sell order and launch an internal investigation. Notably, BitMEX assures that its derivatives markets and XBT contracts remained unaffected by the incident.

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Crypto researcher Syq suggests that the unidentified seller disposed of roughly 400 BTC in batches ranging from 10 to 50 BTC over a two-hour period. Additionally, there are reports of BitMEX disabling withdrawals from certain accounts. The exchange affirms the normal functioning of its trading platform and assures the safety of all funds.

BitMEX has yet to respond to inquiries from the sources regarding the matter. Former BitMEX CEO Arthur Hayes has previously expressed concerns that the success of spot Bitcoin exchange-traded funds (ETFs) could potentially harm Bitcoin‘s ecosystem. Hayes suggests that if ETF issuers control all BTC, it could lead to a decrease in network transactions, resulting in miners shutting down operations due to a lack of incentives, ultimately jeopardizing the Bitcoin network.