Update: Our Bitcoin Insurance Fund Will Move to New Addresses

Earlier in Q4 2023,  we replaced all customers’ deposit addresses to improve our use of Bitcoin block space, so that they no longer use an on-chain multisignature wallet containing the BitMEX founder private keys. You can find more information about the wallet upgrade announcement here.

This time around, we will transfer the remaining Bitcoin from our legacy addresses (3BMEX…) which comprises the BitMEX Insurance Fund, to new Bitcoin wallets. Due to the transfer, users may notice third parties reporting significant on-chain asset movements online. We make this announcement in order to avoid any misunderstanding or false reportings, which are often common with such large fund transfers.

Note that the destination addresses for the Insurance Fund transfer have existed, been funded and claimed in our proof of reserves system for a while.

The on-chain transactions between old and new wallet addresses will not change the total balance across the Insurance Fund and will have no impact on any users’ trading activities, positions, deposit or withdrawal frequencies.

The upgraded wallet system will have no impact on our Proof of Reserves process. Any addresses with a balance will be automatically included in our PoRL dataset, which you can find here, with our validation tool also updated to trust such addresses.

If you have any further questions regarding this announcement, please contact Support who are available 24/7.

To be the first to know about our new listings, product launches, giveaways and more, we invite you to join one of our online communities and connect with other traders. You can also follow us on Twitter, or read our blog and site announcements for the absolute latest. 

In the meantime, if you have any questions please contact Support who are available 24/7.

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