BitMEX to Transfer Bitcoin Insurance Fund to New Addresses

BitMEX,
a
leading
cryptocurrency
exchange,
has
announced
a
significant
update
regarding
its
Bitcoin
Insurance
Fund.
According
to
the

BitMEX
Blog,
the
remaining
Bitcoin
(BTC)
from
the
fund’s
legacy
addresses
(3BMEX…)
will
be
transferred
to
new
Bitcoin
wallets.

Background
and
Purpose

In
Q4
2023,
BitMEX
replaced
all
customer
deposit
addresses
to
optimize
the
use
of
Bitcoin
block
space.
This
initiative
aimed
to
enhance
security
and
efficiency
within
the
platform.
The
current
transfer
of
the
Insurance
Fund
is
a
continuation
of
these
efforts,
ensuring
that
all
funds
are
managed
under
the
improved
system.

Impact
on
Users

BitMEX
has
assured
its
users
that
the
transfer
of
funds
will
not
affect
the
total
balance
of
the
Insurance
Fund.
Moreover,
the
process
will
have
no
impact
on
user
trading
activities,
positions,
deposit
or
withdrawal
frequencies.
This
announcement
aims
to
provide
full
transparency
to
users,
preventing
any
misunderstandings
or
false
reports
from
third
parties.

Ensuring
Transparency

BitMEX’s
decision
to
publicly
disclose
this
transfer
underscores
the
platform’s
commitment
to
transparency.
The
company
has
provided
detailed
information
on
its
blog
to
keep
users
informed
about
the
process
and
its
implications.

Further
Information

For
additional
details
regarding
the
transfer,
users
are
encouraged
to
read
the
official
announcement
on
the

BitMEX
Blog.
Users
with
any
questions
can
contact
BitMEX
Support,
which
is
available
24/7.

Image
source:
Shutterstock