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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/17/2026

Celsius Sues BitMEX for $495 Million Over 2020 Crash Liquidations

What happened: The Celsius estate, represented by the Blockchain Recovery Investment Consortium (BRIC), filed a $495 million lawsuit against five BitMEX entities in the US Bankruptcy Court for the Sou

Celsius Sues BitMEX for $495 Million Over 2020 Crash Liquidations

What happened: The Celsius estate, represented by the Blockchain Recovery Investment Consortium (BRIC), filed a $495 million lawsuit against five BitMEX entities in the US Bankruptcy Court for the Southern District of New York. The suit seeks to recover 6,360 BTC lost during the March 2020 "Black Thursday" crash, alleging fraud, market manipulation, and wrongful liquidation. The complaint claims BitMEX intentionally designed its liquidation procedures to trigger customer losses. BitMEX is set to cease trading on September 23, giving the estate a narrow window to pursue claims.

Why it matters: The timing of the lawsuit—just days before BitMEX's trading shutdown—raises questions about the practical prospects for recovery. The case also highlights the risks of leveraged derivatives trading and the blurred lines between "delta-neutral" marketing and speculative risk-taking, with Celsius's own risk management failures contributing to its 2022 collapse. The outcome could set important precedents for exchange accountability and bankruptcy recoveries in crypto.

Source: CoinDesk