BitMEX Refunds Crypto Traders Following Coordinated Attacks

As if the global crisis triggered by the coronavirus pandemic were not enough, there are also people who try to take advantage of this terrible situation all over the world. BitMEX has been recently hit by coordinated attacks.

BitMEX refunds users affected by attacks

It’s been just revealed that BitMEX is refunding users who have been affected by the most recent attacks on the platform.

Just in case you don’t know, the peak of market volatility took place the past Friday, and back then, a week ago, BitMEX experienced an operational outage that caused erroneous transactions.

BitMEX co-founder and CEO Arthur Hayes said that the downtimes were caused by two distributed denial-of-service DDoS attacks and not by the hardware failure as it was previously believed.

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According to the online publication the Daily Hodl, “a DDoS attack involves overwhelming the system with various requests to make network resources unavailable and to disrupt the provider’s services.”

Hayes stated that the botnet that’s been responsible for the attacks was also behind an unsuccessful attempt to compromise the system during February and waited for the next opportunity to hit again.

As you already know, a week ago, Bitcoin dropped below $4,000, and the botnet attacked the platform leaving it crippled.

Hayes said that 156 accounts saw losses following the late processing of market orders during that downtime.

BitMEX is compensating traders

Now, the good news is that BitMEX is compensating all the traders who have been affected.

“For each stop that triggered erroneously during this period, BitMEX calculated the delta to the printed Index Price and refunded the user. A total of 40.297 XBT was refunded.”

More than that, Hayes also made sure to tell users that their data is secure, and there are no more threats posed to their personal info since the cyberattack was only aimed to slow down the system.

BitMEX is currently working to enhance the security of the system these days.

You can check out the official notes coming from BitMEX.


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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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