Celsius sues BitMEX for $495M over Bitcoin liquidations

6.7 Regulation

Sep 16, 2026

Celsius’s bankruptcy estate sues BitMEX for $495M over alleged fraud and wrongful liquidation of 6,360 BTC during the March 2020 crash, ahead of BitMEX’s planned shutdown.

Celsius Network’s bankruptcy estate has filed a $495 million lawsuit against BitMEX and related entities, alleging fraud, market manipulation, and the wrongful liquidation of 6,360 Bitcoin during the March 2020 market crash. The complaint, submitted on September 12 to the U.S. Bankruptcy Court for the Southern District of New York, seeks to recover losses from forced liquidations that occurred amid extreme market volatility. Celsius is represented by the Blockchain Recovery Investment Consortium as litigation administrator. The lawsuit targets five BitMEX-affiliated entities operating across multiple jurisdictions, including Bermuda, the Cayman Islands, England, Hong Kong, the Seychelles, and the U.S. This legal action comes just days before BitMEX is set to halt trading on September 23, raising concerns about asset preservation and the potential impact on market integrity and investor confidence.