The Celsius bankruptcy estate is suing BitMEX for wrongfully liquidating and seizing 6,360 BTC, worth nearly $490 million, during the March 2020 market crash. The complaint was filed on September 12 in the US Bankruptcy Court for the Southern District of New York by Celsius entities acting through estate representative Blockchain Recovery Investment Consortium. It targets five BitMEX-linked companies and seeks recovery of at least 6,360 BTC or its current value, along with punitive damages. The filing came 11 days before BitMEX was scheduled to stop exchange services on September 23. The estate alleges that BitMEX controlled the prices triggering liquidations, the engine executing them, and the insurance fund receiving proceeds from liquidated positions.
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