BitMEX faces Celsius lawsuit ahead of exchange closure

The Celsius estate has filed a lawsuit against BitMEX, alleging that the exchange wrongfully liquidated and seized 6,360 BTC, worth nearly $490 million, during the March 2020 market crash. The lawsuit, filed on September 12 in the US Bankruptcy Court for the Southern District of New York, claims that BitMEX controlled the prices used to trigger liquidations, the engine that executed them, and the insurance fund that received proceeds from some liquidated positions.

The Celsius estate seeks the recovery of Bitcoin worth nearly $490 million, along with statutory damages, punitive damages, and any applicable treble damages. The lawsuit was filed 11 days before BitMEX is scheduled to stop exchange services on September 23.

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