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The investor accused the BitMEX exchange of fraud and filed a lawsuit for $300 million

The investor accused the BitMEX exchange of fraud and filed a lawsuit for $300 million

Frank Amato, who invested in the BitMEX exchange in the early stages of its development, accused the platform and its CEO Arthur Hayes of fraud and filed a lawsuit for $300 million.

According to the statement, Amato and RGB Coin invested $30,000 in the BitMEX exchange in 2015 on a promise to convert the funds into the company’s shares. Now this block of shares should be worth $50,000,000, but the cryptocurrency exchange did not transfer the securities to the investor.

In addition, Amato is trying to sue the site for $250 million in moral damages. The main accusation of Amato and RGB Coin is that the BitMEX exchange and its CEO, Arthur Hayes, deliberately misled investors and illegally seized their funds.

Note that the BitMEX exchange is the largest and most liquid platform for trading cryptocurrency derivatives. In July of this year, the CEO of BitMEX reported that the annual trading volume on the site exceeded $1 trillion for the first time.