Celsius Network's Bankruptcy Estate Files Lawsuit Against BitMEX Over Loss of 6,360 BTC
Celsius Network’s bankruptcy estate has filed a lawsuit against five entities associated with the now-defunct cryptocurrency exchange BitMEX. The case centers on the seizure of approximately 6,360 Bitcoin (BTC) during two forced liquidations in March 2020 amid market turmoil. Celsius claims that these losses were due to flawed platform design and manipulation by BitMEX rather than legitimate trading activity. The lawsuit was filed with the U.S. Bankruptcy Court for the Southern District of New York, just days before BitMEX is set to cease operations on September 23. The filing includes nine counts alleging fraud, price manipulation, and replevin (a legal demand for property). At current Bitcoin prices, the disputed assets are valued at around $481 million. The lawsuit was filed by Blockchain Recovery Investment Consortium, a venture co-founded with VanEck and GXD Labs. This group previously secured a significant settlement from Tether in October 2025.
Topics: Bankruptcy estate lawsuit Bitcoin liquidation BitMEX Celsius Network