Flashbots’ Head of Strategy, Hasu, stated that structural issues and legal risks associated with BitMEX’s insurance fund were the reasons the company chose to shut down rather than sell. Hasu noted that BitMEX’s insurance fund was not managed through segregated accounts and lacked size limits or mechanisms for handling excess assets, with an estimated value of approximately $270 million. Hasu added that BitMEX had been unable to find a buyer since February 2025, as the asset ownership and legal complications tied to the insurance fund made acquisition more difficult.
Hasu: BitMEX's Insurance Fund Structural and Legal Issues Hinder Sale and Closure
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Summary
Flashbots’ Hasu said BitMEX’s insurance fund has structural and legal issues that made a sale unlikely. The fund lacks segregated accounts, has no cap, and no clear asset allocation plan for excess funds, valued at approximately $270 million. These challenges, combined with unclear ownership, stalled acquisition talks since February 2025. BitMEX opted for closure instead. Resistance from legal hurdles and limited interest from potential buyers sealed the decision.
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