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Celsius Sues BitMEX Over $499M Bitcoin Loss Alleging Market Manipulation

Guavy AI Editorial Team
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Celsius, the defunct cryptocurrency group, has sued BitMEX in New York bankruptcy court, alleging that the digital asset derivative trading platform manipulated the crypto market and triggered liquidation.

The lawsuit, filed by the litigation administrator for Celsius, accuses BitMEX of contributing to a downturn in Bitcoin's value, resulting in Celsius losing $499 million worth of the cryptocurrency.

The complaint claims that BitMEX engaged in manipulative trading practices, which led to a significant decline in Bitcoin's price and ultimately caused Celsius to undergo liquidation proceedings.

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