BKEX Victim Seeking Other US Claimants for Ongoing Lawsuit (SDNY)

[tim0]

I am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

After several years of investigation, I have gathered substantial evidence and have filed a lawsuit in the Southern District of New York. The CEO and founder, JM, has retained legal counsel and has formally responded to the service.

I’m reaching out to see if there are any US-based victims who might be interested in joining the case.

Thank you in advance.

[Z-tight]

I am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

I remember reading about the shutdown of this exchange, even though i knew nothing about it prior to that event. If i remember correctly, they claimed they were shutting down and freezing withdrawals to cooperate with the authorities launching an investigation into the platform on accusation of money laundering.

So there's not been any update on the status of the frozen assets since that time?

[MarryWithBTC]

I am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

I remember reading about the shutdown of this exchange, even though i knew nothing about it prior to that event. If i remember correctly, they claimed they were shutting down and freezing withdrawals to cooperate with the authorities launching an investigation into the platform on accusation of money laundering.

So there's not been any update on the status of the frozen assets since that time?

I was aware of this situation. They had a kind and gentle announcement of freezing withdrawals to enable legal investigations. Such type of announcement demanded immediate resumption of withdrawals after the investigation, but it didn't happen.

It is also worthy to note that the exchange has law suits with different countries;

• China accused them of gambling under their law: The exchange was raided for allowing leverage upto 1,000x which is a very high risk stake
• In Singapore, they were flagged for lack of transparency and unauthorized access

@tim0, Take your case seriously, you'll get a win since they already bad scores across the globe.

[zasad@]

I've never heard of such an exchange.
The losses can't be estimated "currently." If MT GOX's assets were estimated today, it would be a huge amount. If the exchange has been inactive for three years, is there any chance of recovering a trader's assets?

[Z-tight]

@tim0, Take your case seriously, you'll get a win since they already bad scores across the globe.

$8m, which is what op said they lost to the exchange is a whole lot of money, so it is surely worth taking very seriously. It is also worth the amount that would be spent on litigation. I hope you get other victims of this exchange, so the lawsuit would be a class action.

I've never heard of such an exchange.
If the exchange has been inactive for three years, is there any chance of recovering a trader's assets?

It is going to be very difficult. But considering the amount the op mentioned, maybe it is worth trying. I also don't want to get into why one would keep such a huge amount in a custodial platform, but i am sure the lesson has been learnt already.

[yhiaali3]

I'm sorry you lost this large sum and I don't know how you trusted the exchange to put in this large amount when it is unknown. Anyway, this is no longer important and I hope you can get your money back.

Although I believe this is difficult because BKEX is not licensed in any country as an official trading exchange, but is only registered as a company in the British Virgin Islands (BVI) under the name BTC King Technology Co., LTD. This registration is not a financial license, is not subject to real regulatory oversight, and does not provide protection for users.

Also, as I understand it, it does not have clear assets at the moment because most of its assets have been transferred to other exchanges or external wallets. In any case, you should try and I hope you succeed.

[YOSHIE]

am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

Maybe I have read about the badness of BKEX in terms of difficult withdrawals several times, this is probably the umpteenth time I have read a victim's complaint from BKEX, I understand how unpleasant situations like this happen to us, this is indeed a bad situation in the crypto world.

I am very concerned about what happened to BKEX users, because I am not from the US, but I hope that BKEX can be processed legally and crypto assets can be recovered, For this reason and in the future, be careful of using fake exchanges, don't be easily tempted by their promises, try to use exchanges that are official and protected by the government, to stay safe.

[tim0]

I am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

I remember reading about the shutdown of this exchange, even though i knew nothing about it prior to that event. If i remember correctly, they claimed they were shutting down and freezing withdrawals to cooperate with the authorities launching an investigation into the platform on accusation of money laundering.

So there's not been any update on the status of the frozen assets since that time?

Correct. The company was dissolved the following year — there was no bankruptcy process, no liquidation, and blockchain tracing indicated that an bkex insider likely the principal himself retained control of the company treasury, which was held on Binance, before he deleted his KYC documentation and closed the account.

[tim0]

I am a victim of the BKEX exchange, which went defunct in 2023. My crypto losses are currently estimated to exceed $8 million.

I remember reading about the shutdown of this exchange, even though i knew nothing about it prior to that event. If i remember correctly, they claimed they were shutting down and freezing withdrawals to cooperate with the authorities launching an investigation into the platform on accusation of money laundering.

So there's not been any update on the status of the frozen assets since that time?

I was aware of this situation. They had a kind and gentle announcement of freezing withdrawals to enable legal investigations. Such type of announcement demanded immediate resumption of withdrawals after the investigation, but it didn't happen.

It is also worthy to note that the exchange has law suits with different countries;

• China accused them of gambling under their law: The exchange was raided for allowing leverage upto 1,000x which is a very high risk stake
• In Singapore, they were flagged for lack of transparency and unauthorized access

@tim0, Take your case seriously, you'll get a win since they already bad scores across the globe.

Thanks. I believe his only viable path to avoiding liability is getting the case dismissed on jurisdictional grounds — which is precisely why having US-based victims join the action helps.

[noorman0]

Damn, that's a lot of money. considering that BKEK was not a fairly well-known exchange in its time, is that a personal or group loss? Your transparency is needed in this step. If I were a victim of BKEX, I would be more careful about sending personal documents, paying any fees, or signing any agreements before verifying the matter independently.

[tim0]

Damn, that's a lot of money. considering that BKEK was not a fairly well-known exchange in its time, is that a personal or group loss? Your transparency is needed in this step. If I were a victim of BKEX, I would be more careful about sending personal documents, paying any fees, or signing any agreements before verifying the matter independently.

No, you don't necessarily need to contact me. The case file is publicly available online, as is counsel's contact information.

As an update, a California-based victim recently joined the case. I am hopeful that this will help mitigate the risk posed by any jurisdictional challenges.

[Z-tight]

As an update, a California-based victim recently joined the case. I am hopeful that this will help mitigate the risk posed by any jurisdictional challenges.

I have read more about the case online and i am not sure how a U.S. based victim would help mitigate the jurisdictional challenges.

Bkex exchange is domiciled in the British Virgin Islands, so i don't think a U.S. court would have much authority over the exchange, based on its location. I understand you reside in Switzerland, so do you believe if there are more U.S. victims, it would give the court more reasons to go after Bkex, even though it is an offshore exchange?

[tim0]

As an update, a California-based victim recently joined the case. I am hopeful that this will help mitigate the risk posed by any jurisdictional challenges.

I have read more about the case online and i am not sure how a U.S. based victim would help mitigate the jurisdictional challenges.

Bkex exchange is domiciled in the British Virgin Islands, so i don't think a U.S. court would have much authority over the exchange, based on its location. I understand you reside in Switzerland, so do you believe if there are more U.S. victims, it would give the court more reasons to go after Bkex, even though it is an offshore exchange?

The actual complaint exceeds 100 pages and documents how the principal used BKEX as an instrument to actively avail itself of the US market and US investors. One hurdle is establishing a domestic transaction under controlling precedent — adding a US co-plaintiff would help satisfy that element.

[tim0]

As an update, a California-based victim recently joined the case. I am hopeful that this will help mitigate the risk posed by any jurisdictional challenges.

I have read more about the case online and i am not sure how a U.S. based victim would help mitigate the jurisdictional challenges.

Bkex exchange is domiciled in the British Virgin Islands, so i don't think a U.S. court would have much authority over the exchange, based on its location. I understand you reside in Switzerland, so do you believe if there are more U.S. victims, it would give the court more reasons to go after Bkex, even though it is an offshore exchange?

I'll also admit that the jurisdictional and extraterritoriality questions sit atop a labyrinth of precedents, statutes, and competing theories — and that is precisely what the principal counted on. He expected everyone to be daunted by the impossible puzzle he had created. His calculation nearly proved correct. What he did not account for was the one victim who refused to give up and committed the time and resources to pursue him anyway.

[Z-tight]

One hurdle is establishing a domestic transaction under controlling precedent — adding a US co-plaintiff would help satisfy that element.

His calculation nearly proved correct. What he did not account for was the one victim who refused to give up and committed the time and resources to pursue him anyway.

I get it now. I do hope you get more claimants from the U.S. who are willing to join this class action, so that you all can collectively pursue justice against this scam exchange, Bkex. However, i understand that litigation in most cases can be slow and expensive, but do post updates about this lawsuit when you do have them. Good Luck mate.

[MarryWithBTC]

Thanks. I believe his only viable path to avoiding liability is getting the case dismissed on jurisdictional grounds — which is precisely why having US-based victims join the action helps.

Damn it, a US co-plaintiff is truly needed and hope you find one soon. The jurisdiction could be a loophole to escape justice.

As an update, a California-based victim recently joined the case. I am hopeful that this will help mitigate the risk posed by any jurisdictional challenges.

Congratulations on this and don't relent, having more complainants will further strengthen the case.

Trust binance is willing to comply by providing the deleted KYC and transaction details.