BitMEX Confronts Lawsuit from Celsius Estate Over March 2020 Crash

The Celsius bankruptcy estate has filed a lawsuit against BitMEX-linked entities in the U.S. Bankruptcy Court for the Southern District of New York.

The complaint accuses HDR Global Trading and related firms of fraud, market manipulation, and 'wrongful liquidations' tied to the March 2020 crypto crash.

The Celsius estate alleges that BitMEX improperly liquidated Celsius positions and seized large amounts of Bitcoin during the period when markets rapidly deteriorated.

According to the court filing, the plaintiffs seek recovery of nearly $490 million in lost Bitcoin value as of the time of writing.