Celsius Estate Sues BitMEX for $495M Over 2020 Bitcoin Liquidations

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The bankruptcy estate of defunct crypto lender Celsius has filed a lawsuit against crypto derivatives exchange BitMEX seeking $495 million in damages. The claim centers on the loss of approximately 6,360 BTC during the market crash triggered by the COVID-19 pandemic in 2020. Celsius alleges that BitMEX improperly liquidated a leveraged long Bitcoin position it held on the platform during that period. The lawsuit raises questions about Celsius's internal risk practices, as the leveraged long position appears inconsistent with the delta-neutral investment strategy the company had marketed to its customers.

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