Celsius Estate Sues BitMEX for $495M Over 2020 Liquidations

The bankruptcy estate of Celsius Network has filed a $495 million lawsuit against BitMEX, alleging the cryptocurrency derivatives exchange wrongfully liquidated and seized thousands of Bitcoin during the March 2020 market crash. The lawsuit was filed on September 12, 2026, in the U.S. Bankruptcy Court for the Southern District of New York by the Blockchain Recovery Investment Consortium (BRIC), the litigation administrator for the Celsius estate. The complaint names five BitMEX-linked entities as defendants, including HDR Global Trading and ABS Global Trading. It seeks the recovery of 6,360.1666 Bitcoin, valued at approximately $495 million at current prices. The estate alleges the losses stem from two forced liquidations: 1,325.84 BTC from Celsius on March 12, 2020, and 5,034.33 BTC from investment fund JST on March 13, 2020. JST subsequently assigned its related claims to the Celsius estate. The lawsuit accuses BitMEX of designing its platform to profit from the very liquidations it triggered. The complaint alleges the exchange controlled the liquidation engine, the prices that initiated forced closures, and the insurance fund that benefited from the proceeds.