Celsius’s bankruptcy estate has filed a $495 million lawsuit against BitMEX operators, accusing the exchange of fraud and market manipulation. The platform alleges that BitMEX intentionally designed its liquidation procedures to improperly seize customer collateral during the March 12, 2020 crash, when bitcoin plummeted from roughly $7,200 to $5,678 in about 15 minutes. Celsius is claiming 6,360 bitcoin, worth approximately $495 million at current prices. The filing on September 12, 2026, came just 11 days before BitMEX’s permanent shutdown scheduled for September 23, highlighting the estate’s urgency to recover funds from a platform about to cease operations. Celsius filed for Chapter 11 protection in July 2022 with liabilities exceeding $5 billion.
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