Woofun AI reports that BitMEX announced its official shutdown scheduled for September 23rd, causing its native token BMEX to plummet by 92%. The token is now trading at $0.005, resulting in a market capitalization of merely $480,000.

The platform stated it has immediately unstaked all BMEX tokens and returned them to holders' accounts. BitMEX emphasized that BMEX is a utility token for fee discounts and staking rewards, not an equity or debt instrument, and carries no refund or redemption obligations.