Celsius Network debtors are suing BitMEX over derivative trading operations that their CEO Alex Mashinsky had publicly stated never occurred. Debtors allege wrongful liquidation and seizure of BTC by BitMEX during the COVID market crash on March 12, 2020, resulting in damages exceeding $100 million before BitMEX’s planned closure on September 23. Mashinsky, currently imprisoned, had stated the day after the liquidation: « We don’t trade, we don’t buy and sell coins. » On that same date, BitMEX processed over $700 million in liquidations, with more than 90% being forced closures of long derivative positions.
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