BitMEX Shakes Crypto Traders' Racketeering Charges

By Elise Hansen (September 8, 2021, 4:35 PM EDT) -- Cryptocurrency exchange BitMEX and its principals have beat racketeering allegations brought by digital asset traders, with a California federal judge saying the traders had failed to plausibly allege misconduct.

U.S. District Judge William H. Orrick on Tuesday dismissed claims of market manipulation, fraudulent inducement, RICO violations and violations of the Commodity Exchange Act, among others, that were lodged against BitMEX's parent company and its co-founders. The traders won't be allowed to bring their case again.

The allegations were rife with "conclusory" assertions and often lacked the specificity needed to survive in court, the order said.

"The size and prolix nature of...

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