Celsius Sues BitMEX for $495 Million Over 2020 Liquidations

Celsius has filed a $495 million lawsuit against BitMEX-affiliated entities over the liquidation of 6,360.16 BTC during the March 2020 crash.

The complaint targets five entities related to HDR Global Trading Ltd., which operates BitMEX, and alleges that the exchange's own systems exacerbated the losses.

Celsius claims that BitMEX's delayed margin crediting and artificial price collapses on its internal order book contributed to the liquidations.

The lawsuit exposes Celsius's own risk-taking behavior, as court-appointed examiners had previously found that management traded speculatively with pooled customer funds.