Celsius Bankruptcy Estate Files Lawsuit Against BitMEX-Linked Companies
- The Celsius estate filed a lawsuit on Sept. 12 in the US Bankruptcy Court, claiming fraud and market manipulation by five BitMEX-linked companies.
- The lawsuit alleges that BitMEX wrongfully liquidated over 1,325.84 BTC from Celsius and 5,034.33 BTC from investment fund JST during the March 2020 market crash.
- Celsius seeks damages of at least 6,360.16 BTC, worth approximately $490 million at current prices.
- The complaint claims that liquidation orders were executed at prices significantly below market rates, exacerbating the sell-off.
- BitMEX is scheduled to cease exchange services on Sept. 23, just days after this lawsuit was filed.
Celsius alleges that BitMEX manipulated liquidation processes during a critical market downturn in March, contributing to significant losses for its clients and itself. The outcome of this case could have substantial implications for the future operations of BitMEX and similar exchanges.
This lawsuit highlights ongoing legal challenges in the cryptocurrency space as Celsius aims to recover substantial amounts lost during forced liquidations totaling over 6,360 BTC. (Source)
