Celsius Network Sues BitMEX for $495 Million Over Liquidations
- Celsius Network’s estate filed a lawsuit against BitMEX on September 12 in the U.S. Bankruptcy Court for the Southern District of New York.
- The lawsuit seeks the return of approximately $495 million, equivalent to 6,360 BTC.
- Celsius claims it lost over 1,325 BTC in a single liquidation on March 12, during the COVID-19 market crash.
- The complaint alleges that BitMEX designed its platform to facilitate customer liquidations and defraud users.
- Defendants include multiple entities associated with BitMEX across various jurisdictions including Bermuda and Hong Kong.
The lawsuit highlights significant losses incurred by Celsius during a critical market downturn, as they seek restitution for forced liquidations that occurred under conditions they claim were manipulated by BitMEX.
Celsius is pursuing claims for over $495 million based on losses from liquidated positions that depended on Bitcoin’s value stability or increase.(Source)
