Celsius Network's recovery consortium is targeting BitMEX over alleged market manipulation that led to the forced liquidation of 6,360 BTC during the 2020 market crash, just days before the exchange ceases operations.
Celsius's lawsuit against BitMEX over seized Bitcoin highlights legal uncertainty but does not directly alter Bitcoin's market fundamentals.
The Celsius bankruptcy estate has filed a lawsuit against five BitMEX entities, alleging fraud and price manipulation during the March 2020 market crash. The complaint seeks the recovery of 6,360 BTC, valued at approximately $481 million, claiming the exchange intentionally triggered liquidations to defraud customers.
The estate is seeking to recover assets for creditors, alleging that BitMEX engaged in fraudulent liquidation practices that caused the loss of 6,360 BTC during the March 2020 market crash.