Celsius Sues BitMEX Over Alleged Price Manipulation During March 2020 Crash
Celsius Network has filed a lawsuit against BitMEX over the liquidation of positions held by Celsius and the JST investment fund during the crypto market crash in March 2020.
The lawsuit, filed in the Southern District of New York via the Blockchain Recovery Investment Consortium, concerns the alleged manipulation of Bitcoin's price drop on March 12, 2020. According to Celsius, BitMEX controlled key elements of the liquidation mechanism and used this control to intensify the price drop of Bitcoin.
Celsius claims that BitMEX artificially amplified the Bitcoin crash by placing sell orders below market value and creating a cascade of forced selling. This led to the loss of 1,325.8385 BTC for Celsius on March 12, and JST lost another 5,034.3281 BTC the following day.
Celsius is seeking the return of 6,360.1666 BTC or their current value, as well as other damages and any profits BitMEX may have earned from the disputed liquidations. The lawsuit also accuses BitMEX of fraud, market manipulation, and unlawful misappropriation of digital assets.