Celsius Network Files Lawsuit Against BitMEX Over March 2020 Liquidations
- Celsius Network is suing companies affiliated with BitMEX for the return of 6,360.1666 BTC, valued at approximately $495 million at the time of filing.
- The lawsuit claims fraud, market manipulation, and unlawful misappropriation of digital assets during the March 2020 cryptocurrency market crash.
- On March 12, Bitcoin lost about 50% of its value, with BitMEX recording around $12.3 billion in derivatives trading that day.
- Celsius alleges that BitMEX’s control over liquidation processes exacerbated Bitcoin’s price decline and triggered forced selling.
- Celsius lost a total of approximately 1,325.8385 BTC on March 12 and an additional loss from JST investment fund the following day.
The lawsuit highlights significant concerns regarding the practices employed by BitMEX during a critical market downturn, suggesting that their actions may have led to intensified losses for creditors like Celsius Network.
Celsius seeks the return of over $495 million worth of Bitcoin or its current equivalent as part of its legal action against BitMEX for alleged misconduct during a volatile trading period.
