Celsius sues BitMEX over $495M claim

• Celsius Network’s bankruptcy estate has sued BitMEX over 6,360 BTC linked to March 2020 liquidations.
• The disputed Bitcoin is now worth roughly $495 million, based on current prices.
• The lawsuit has been filed as BitMEX prepares to stop trading on September 23.

Celsius Network’s bankruptcy estate has sued BitMEX over the forced liquidation of 6,360 BTC during the March 2020 crash.

The claim covers 1,325.84 BTC lost by Celsius and 5,034.33 BTC linked to investment fund JST.

“Instead of maintaining an orderly market, BitMEX intentionally designed its platform and liquidation procedures to cause liquidations of collateral and defraud its own customers,” the complaint states.

The complaint was filed on September 12 in the US Bankruptcy Court for the Southern District of New York.

Celsius is seeking the return of 6,360 Bitcoin (CRYPTO:BTC), which the estate values at roughly $495 million at current prices.

The lawsuit names five BitMEX-linked entities and alleges fraud, market manipulation and wrongful liquidations during the March 2020 crash.

The allegations remain unproven, while BitMEX is scheduled to stop trading on September 23 as it winds down operations.

At the time of reporting, Bitcoin price was $76,199.02.