Celsius Sues BitMEX for $495M in Disputed Bitcoin Liquidations
Celsius Network's bankruptcy estate has sued BitMEX entities for $495 million in connection with disputed Bitcoin liquidations in March 2020. The complaint, filed on September 12 in New York, accuses BitMEX of fraud, market manipulation, and wrongful liquidations during the crash.
The lawsuit values the disputed amount at 6,360.1666 BTC, worth approximately $495 million at the time of filing. Celsius had identified BitMEX as a potential litigation target years before filing this complaint, with an October 2023 bankruptcy document listing HDR Global Trading under possible negligence, fraud, and market manipulation claims.
The court can address responses, procedural motions, and disputes over jurisdiction or legal sufficiency. The defendants could also contest causation and the calculation of alleged damages. Any recovery would depend on later rulings, settlement negotiations, or another court-approved resolution.