BitMEX Co-founder and Ex-CTO Samuel Reed Released on $5M Bail

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In Brief
  • The Co-founder and ex-CTO of BitMEX, Samuel Reed, has been released on bond following his October 1 arrest.

  • His release depends on a $5 million appearance bond, and his passport has reportedly been confiscated.

  • According to the DOJ, Reed's co-founders have not been taken into custody and remain at large.

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It has been a turbulent few weeks for BitMEX. On October 1, it was announced that the founders of the crypto derivatives exchange would face charges from the U.S. Department of Justice (DOJ).



These charges include running an unregistered trading platform and violating the banking secrecy act. As reported on Thurs 8 Oct by BeInCrypto, BitMex announced that its top brass, including CEO Arthur Hayes, would be stepping down.

On Friday, October 9, news broke that BitMEX’s former CTO Samuel Reed, who had been arrested in Massachusetts on October 1, had signed a $5 million unsecured appearance bond for his release, pending court proceedings. As part of the agreement, Reed and his wife’s passports have also reportedly been seized.



According to a court document uncovered by The Block, Reed’s bond was approved six days ago. With the contingency, he will appear for court proceedings and, if convicted, surrender to authorities.

Meanwhile, Reed’s fellow co-founders, Arthur Hayes, Ben Delo, and executive Gregory Dwyer, all indicted on the same charges, remain “at large,” per a press release from the DoJ.

Along with the criminal indictments, the U.S. Commodity Futures Trading Commission (CFTC) brought a civil enforcement action against Reed, Hayes, Delo, and two other BitMEX-connected companies.

Trade volume on BitMEX exchange has dropped in the last week, and opinions about its fate have been split. Some crypto commentators criticized BitMEX for damaging the industry’s image after the charges, while others 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.

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.

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