Celsius liquidators sue BitMEX for $495 million

The liquidators of the bankrupt crypto lending platform Celsius Network have filed a lawsuit against BitMEX, alleging fraud and market manipulation related to forced liquidations during the March 2020 COVID-19 market crash. The suit, filed on September 12 in the U.S. Bankruptcy Court for the Southern District of New York, seeks the return of 6,360 BTC, valued at approximately $495 million. The complaint, brought by the Blockchain Recovery Investment Consortium, names five entities including HDR Global Trading and 100x Holdings. Celsius alleges that BitMEX manipulated its liquidation system and insurance fund to profit from customer losses. BitMEX, which announced its wind-down in July and is set to cease trading on September 23, has not yet responded to these allegations.