BitMEX Donates to the Gates Foundation, Faces Backlash

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In Brief
  • BitMEX has donated $2.5M to the Gates Foundation and other organizations.

  • The move was heavily criticized, and many users were outraged at BitMEX for donating to the Gates Foundation especially.

  • Others on Crypto Twitter just mocked their conspiracy-minded peers.

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The Trust Project is an international consortium of news organizations building standards of transparency.

BitMEX tried to be philanthropic by donating $2.5 million to the Gates Foundation and other organizations to fight COVID-19. However, the replies were largely negative.



BitMEX has announced it will be donating $2.5M to the Gates Foundation and other institutions. However, the responses have been overwhelmingly negative. Bill Gates’ reputation seems to be held in low regard among those who use BitMEX.



A Donation Faces Backlash

According to BitMEX’s official channels, the exchange has put aside $2.5M for a few charities and organizations. The Gates Foundation, Open Mined, Our World in Data, and NTI will all be receiving funds.

However, the responses were surprisingly negative. Many took issue with the Gates Foundation donation especially. There have been some conspiracies floating around about Bill Gates and his malicious global plans. BeInCrypto will not comment on these accusations, but the response from the community has been overwhelmingly negative towards the donation.

Others mocked the conspiracy-minded thinking present in the replies. Many seem to genuinely believe Gates is trying to vaccinate the world as part of a grand plan to install microchips in people’s brains.

BitMEX: Not What It Once Was?

BitMEX has seen some of its volume decline compared to its competitors. Although once dominating Bitcoin futures, it has fallen behind as of last month to competitors like Huobi and Binance. It is now the fourth-largest by trading volume.

On top of this, BitMEX has faced criticism for exasperating the 50% drop on March 12. Users noticed that the free-fall only really stopped when the exchange went under maintenance, allegedly. The drop in popularity has caused BitMEX to cut the BTC it holds by 25% after users experienced mass liquidations in March.

The CEO of BitMEX, Arthur Hayes, has also been outspoken—which has garnered controversy. Repeatedly, he has called Ripple’s XRP a ‘turd’ on Twitter. This happened around the same time that XRP flash-crashed on BitMEX to a low of $0.15. 

He recently commented on BitMEX’s donations and praised it for trying to do good, despite the backlash.

Signs suggest that BItMEX’s reputation is on the decline among users. Regardless of whether or not the Gates Foundation donation was appropriate, it does not appear to have done BitMEX any favors.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in. <a href="mailto:crypto.inquiries@protonmail.com">Email.</a>

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