Celsius Sues BitMEX for $499 Million over Alleged Crypto Market Manipulation

The litigation administrator for Celsius has filed a lawsuit against BitMEX in New York bankruptcy court, alleging that the digital asset derivative trading platform manipulated the crypto market and triggered liquidation. The complaint seeks to recover approximately $499 million of Bitcoin from BitMEX.

The lawsuit claims that BitMEX's actions led to a significant decline in the value of Celsius's assets, ultimately resulting in the company's bankruptcy. The litigation administrator is seeking damages and other relief as part of the lawsuit.