The creditors of the Celsius bankruptcy estate sued BitMEX for $495 million, accusing the derivatives exchange of fraud, market manipulation, and wrongful liquidations during Bitcoin’s collapse in March 2020.
The Celsius lawsuit was filed on September 12 in the Bankruptcy Court for the Southern District of New York, and aims to recover 6,360 BTC that the exchange allegedly seized unlawfully during the historic BTC drop, when the price plummeted from approximately $7,200 to around $5,678 in just 15 minutes, triggering mass liquidations of roughly $702 million on the platform.
The case was initiated by Blockchain Recovery Investment Consortium (BRIC), appointed in 2024 as Celsius’s litigation administrator to pursue complex assets on behalf of creditors.
The lawsuit is filed eleven days before the definitive closure of BitMEX, scheduled for September 23, raising questions about whether BRIC will seek injunctive measures to preserve assets during the exchange’s wind-down process.
The defendants include entities based in Seychelles, Hong Kong, and Bermuda that operated under the BitMEX brand. The Celsius bankruptcy has already set an important precedent: in October 2025, creditors reached a $299.5 million settlement with Tether.
Source: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174909132680000000003.pdf
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
