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BitMEX CTO Samuel Reed Released on $ 5 Million Bail

BitMEX CTO Samuel Reed, who was indicted and arrested by the US Department of Justice on October 1, was released on bail of $ 5 million.

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BitMEX CTO Samuel Reed Released on $ 5 Million Bail.

BitMEX CTO Samuel Reed, who was indicted and arrested by the US Department of Justice on October 1, was released on bail of $ 5 million. Reed is represented by lawyer William J. Trach.BitMEX CTO Samuel Reed, who was indicted and arrested by the US Department of Justice on October 1, was released on bail of $ 5 million.

The bond that Reed paid for bail was approved on October 3, on the terms that he would surrender to court and serve his sentence if convicted.The trial took place on 1 October via video conference. Reed is represented by lead attorney William J. Trach from Latham & Watkins LLP.

The $ 5 million bond was unsecured, $ 500,000 in cash. Reed and his wife’s passports were also reportedly seized.Reed, 31, was arrested in Massachusetts for allegedly violating the Bank Privacy Act and failing to establish, implement, or maintain an adequate anti-money laundering (AML) program on BitMEX.

Reed was accused, along with co-founders and colleagues Arthur Hayes, Benjamin Delo, and freelance Gregory Dwyer.Yesterday BitMEX announced that all four executives were removed from their positions due to US government accusations.

BitMEX was charged with two lawsuits by the Commodity Futures Trading Commission (CFTC) and the US Department of Justice on October 1. The CFTC accused the derivatives exchange and its operators of operating an unregistered trading platform and violating anti-money laundering and know your customer regulations.HDR Global Trading, the parent company of BitMEX and one of the defendants mentioned in the CFTC case, has vowed to fight the charges.

According to various data followers, currently worth about $ 435 million, which more than 40,000 Bitcoin , bitmex’t filmed.Open interest on BitMEX’s Bitcoin futures market fell from $ 1 billion to less than $ 600 million. It seems that the bad days for BitMEX won’t end anytime soon.

 

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