Celsius sues BitMEX for $495 million ahead of exchange shutdown

Celsius Network’s bankruptcy estate has filed a lawsuit against BitMEX, alleging fraud, market manipulation, and wrongful liquidations during the March 2020 Bitcoin market crash. The complaint, filed in the US Bankruptcy Court for the Southern District of New York, seeks to recover losses tied to 6,360 BTC, valued at approximately $495 million. The legal action, brought by the Blockchain Recovery Investment Consortium (BRIC), targets various entities operating under the BitMEX brand just days before the exchange is scheduled to cease operations on Sept. 23.