Celsius Seeks $490 Million in Bitcoin from BitMEX Lawsuit
The Celsius bankruptcy estate claims BitMEX seized 6,360 BTC during the March 2020 crash. The suit was filed 11 days before the exchange shuts down services.
The Celsius estate seeks the return of 6,360 Bitcoin. The claim values the digital assets at nearly $490 million. This lawsuit targets five BitMEX-linked entities. It alleges fraud and market manipulation. The complaint was filed on September 12. It lands in the US Bankruptcy Court for the Southern District of New York.
BitMEX is scheduled to stop exchange services on September 23. This filing arrives 11 days before that deadline. The estate acted through its representative, BRIC. Defendants include HDR Global Trading and ABS Global Trading. The core allegation is wrongful liquidation of collateral.
Alleged Liquidations During Market Crash
The complaint details specific seizure dates in March 2020. BitMEX allegedly took 1,325.84 BTC from Celsius on March 12. The following day, it seized 5,034.33 BTC from fund JST. JST assigned these claims to the Celsius estate. The estate argues these actions were unjustified.
Celsius claims the exchange controlled liquidation prices. It alleges BitMEX also controlled the execution engine. The estate says the insurance fund received proceeds. Some sell orders were placed 24% below the next-best ask. This pricing allegedly suppressed Bitcoin's value during the crash.
Exchange Shutdown Timeline Accelerates
BitMEX will cease operations on September 23. The estate filed this suit just before that date. A separate class action was filed on July 23. That case involved BKX Services and David Namdar. They alleged the loss of 622.66 BTC through forced liquidations.
BitMEX dismissed the July lawsuit as opportunistic. The company stated it would defend itself vigorously. That response did not address the new Celsius complaint. Cointelegraph reached out to both parties for comment. Neither the estate nor BitMEX responded before publication.
Damages And Legal Demands
The estate seeks actual damages of at least 6,360.16 BTC. It also demands the return of the Bitcoin in kind. The filing requests statutory and punitive damages. It asks for profits BitMEX allegedly earned from liquidations. Legal fees and costs are included in the claim. The filing does not quantify additional damages for trial.
