UPDATE: BitMEX's BMEX token collapses 98% on reports the exchange plans to shut down

Reports that BitMEX plans to shut down triggered a 98% collapse in its BMEX token, underscoring severe venue and token-specific counterparty risk. While the immediate impact is concentrated in BitMEX-linked assets and users, the headline can pressure broader crypto sentiment via risk-off positioning, liquidity fragmentation, and renewed scrutiny of exchange viability and governance standards.