BitMEX co-founder Samuel Reed released on $ 5 million bail

BitMEX co-founder and former CTO Samuel Reed was released on bail after his arrest on October 1.

His release is on $ 5 million bail, and his passport has reportedly been confiscated.

According to the DOJ, the other co-founders were not taken into custody and are still at large.

The Trust Project is an international consortium of news organizations based on transparency standards

The past few weeks have been hectic for Bitcoin Evolution. On October 1, it was announced that the founders of the crypto derivatives exchange would face charges from the United States Department of Justice (DOJ).

These fees include operating an unregistered trading platform and violating bank secrecy law. As reported on Thursday, October 8 by BeInCrypto.com, BitMex has announced that its top executives, including CEO Arthur Hayes, will be stepping down.

On Friday, October 9, it was announced that former BitMEX CTO Samuel Reed, who was arrested in Massachusetts on October 1, had signed an unsecured appearance bond of $ 5 million for his release in the ‚waiting for legal proceedings. As part of the deal, the passports of Reed and his wife were also reportedly seized.

Changes have been made to the management of the 100x group, with immediate effect. We have posted the details on our blog:

According to a court document uncovered by The Block, Reed’s bail was approved six days ago. With the eventuality, he will appear for legal proceedings and, if found guilty, will surrender to authorities.

Meanwhile, Reed’s co-founders Arthur Hayes, Ben Delo and executive Gregory Dwyer, all charged with the same charges, remain „at large,“ according to a DoJ press release .

Along with the indictments, the US Commodity Futures Trading Commission (CFTC) has filed a civil action against Reed, Hayes, Delo and two other companies linked to BitMEX.

The volume of trading on the BitMEX exchange fell over the past week and opinions on its fate were mixed . Some crypto commentators have criticized BitMEX for damaging the image of the industry after the accusations, while others have noted the opportunity they present for decentralized trading platforms.

Reed is currently awaiting his next hearing. He is represented by the law firm Latham & Watkins LLP.