Celsius Sues BitMEX Over 2020 Liquidation Event, Seeks to Recover 6,360 BTC

Odaily News — The administrator of Celsius Network's bankruptcy estate has sued five BitMEX-related entities over forced liquidations during the March 2020 market crash, seeking to recover 6,360 BTC, currently worth approximately $495 million.

Celsius claims it lost 1,325.84 BTC in a liquidation on March 12, 2020, and is also pursuing related claims assigned by investment fund JST, which lost 5,034.33 BTC the following day. The lawsuit alleges that BitMEX manipulated the market and improperly liquidated customer collateral through its platform's liquidation mechanism. The allegations have not yet been proven in court. (CoinDesk)