BitMEX's announcement of its closure has led to a dramatic 95% drop in the value of its platform token, BMEX. Blockchain data analysis platform Bubblemaps revealed that approximately 75% of BMEX's total supply, intended for employee incentives, ecosystem development, and long-term reserves, has never been distributed on-chain. In 2021, 92% of BMEX was locked in vesting contracts, with only 8% distributed at launch. Despite the initial tokenomics plan, only one claim has been recorded, with 63.75 million BMEX claimed for product and liquidity support in November 2022. The lack of on-chain distribution for other allocations has raised questions, though Bubblemaps suggests potential adjustments to tokenomics or distribution plans. BitMEX, known for pioneering perpetual contract trading, has seen market confidence in BMEX shaken following the closure announcement.