Celsius Sues BitMEX Over Alleged Market Manipulation

Celsius, the bankrupt crypto lender, has filed a lawsuit against BitMEX's parent companies, alleging fraud and market manipulation during the March 2020 market crash.

The complaint, filed on September 12 in the US Bankruptcy Court for the Southern District of New York, claims that BitMEX wrongfully liquidated and seized 1,325.84 BTC in collateral from Celsius on March 12, 2020, and 5,034.33 BTC from investment fund JST the following day.

The estate alleges that BitMEX controlled the prices used to trigger liquidations, the engine that executed them, and the insurance fund that received proceeds from some liquidated positions.

Celsius is seeking actual damages of at least 6,360.16 BTC or its current value, along with the return of the Bitcoin in kind or its equivalent market value.