The bankruptcy estate of Celsius has filed a lawsuit against five entities linked to BitMEX, including HDR Global Trading and 100x Holdings. The plaintiffs are seeking the recovery of 6,360.16 BTC, which they estimate to be worth approximately $486 million.
Celsius claims that BitMEX wrongfully liquidated its positions during the market crash in March 2020. According to the court documents, the exchange forcibly closed a Celsius order with 1,325.84 BTC in collateral on March 12, followed by a JST fund position of 5,034.33 BTC on March 13.
The lawsuit alleges that BitMEX manipulated liquidation prices and the execution mechanism. The plaintiffs claim that certain liquidation orders were placed more than 24% below the best available market price. Additionally, Celsius cites technical failures and DDoS attacks that occurred on the platform during that period.
Beyond the recovery of the liquidated assets, Celsius is demanding punitive damages and the reimbursement of legal costs. The legal action was initiated shortly before BitMEX announced the wind-down of its services, with the platform planning to cease operations by the summer of 2026.
