Zhao Changpeng: BitMEX did not survive the Biden administration's "cryptocurrency war," having pioneered 100x crypto contracts as early as 2014

Binance founder Zhao Changpeng paid tribute to BitMEX founder Arthur Hayes. It's unfortunate to see BitMEX shut down. Some thoughts:

BitMEX was the first to launch 100x cryptocurrency trading back in 2014. Futures contracts had existed before this, making Friday trading exceptionally busy. BitMEX only accepted Bitcoin deposits, supported only one chain, allowed withdrawals once a day, and required multi-signature wallets. These seemingly inconvenient restrictions actually protected them from hacker attacks.

After 18 months of struggle, the four founders ultimately admitted to violating the Bank Secrecy Act (BSA) a month before the trial. They were each fined $10 million and placed under house arrest. No one went to prison as a result. However, their business ultimately could not withstand the "cryptocurrency war" initiated by the Biden administration.

In the end, the liquidation process of BitMEX appeared orderly, and users were able to withdraw their assets. Tribute to Arthur Hayes.