Celsius Bankruptcy Estate Sues BitMEX for Alleged Fraud and Liquidations
- The Celsius estate filed a lawsuit against five companies linked to BitMEX on September 12, alleging fraud and market manipulation during the March 2020 crash.
- The lawsuit claims that BitMEX wrongfully liquidated over 6,000 BTC from Celsius and JST, seeking nearly $490 million in recovery.
- Celsius alleges that liquidation prices were manipulated, with some orders executed more than 24% below market prices.
- The suit highlights a service disruption at BitMEX on March 13, which coincided with a halt in forced liquidations and subsequent price recovery of Bitcoin.
- Celsius is seeking at least the return of over 6,360 BTC or its current value along with damages and legal fees.
This lawsuit comes as BitMEX is set to cease exchange services on September 23. The outcome could have significant implications for both parties involved in this high-stakes legal battle.
The Celsius estate’s claims center around the alleged wrongful liquidation of substantial Bitcoin amounts during a critical market period. This includes demands for compensation totaling nearly $490 million based on these actions. (Source)
