BitMEX, once a prominent name in the cryptocurrency derivatives sector, is now contending with a major legal challenge as it prepares to wind down operations after more than a decade in the crypto industry. A proposed class action lawsuit was filed in the U.S. District Court for the Southern District of New York against BitMEX on the same day the exchange announced its closure, scheduled for September 23. Plaintiffs BKX Services Inc. and David Namdar allege that BitMEX unfairly profited from forced liquidations, leading to combined losses of 622.66 BTC for traders on the platform.