Celsius Sues BitMEX for $495 Million Over Alleged Market Manipulation
Celsius Network's bankruptcy estate has filed a $495 million lawsuit against BitMEX, alleging fraud and market manipulation that led to the wrongful liquidation of 6,360 Bitcoin during the March 2020 crash.
The complaint was filed on September 12 in the US Bankruptcy Court for the Southern District of New York. The Blockchain Recovery Investment Consortium is representing the Celsius estate as its litigation administrator.
Celsius claims that BitMEX's liquidation procedures were designed to improperly seize customer collateral during periods of extreme volatility, and that the exchange made false representations about maintaining orderly markets for derivatives.
The 6,360 BTC lost by Celsius would be worth approximately $495 million at current prices. The lawsuit arrives amid a broader wave of legal claims against BitMEX as the exchange prepares to close on September 23, 2026.