The Celsius Network bankruptcy estate sues crypto exchange BitMEX seeking about $495 million, alleging BitMEX wrongfully liquidated and seized 6,360 BTC during the March 2020 market crash. The estate claims the liquidation was tied to Celsius’s leveraged position, and that the seized holdings remain at issue as part of the bankruptcy effort.
The outlets describe the dispute as focused on the specific amount of bitcoin allegedly lost—6,360 BTC—valued at roughly $490 million at the time of reporting. CoinDesk frames the allegation in terms of Celsius’s leveraged long position and questions how the loss relates to BitMEX’s handling of orders given Celsius’s trading strategy and marketing at the time. Cointelegraph reports that the lawsuit comes as BitMEX faces its own operational developments, including the prospect of closure, adding urgency to the legal fight.
