Celsius Estate Sues BitMEX Over $495M in 2020 Crash Liquidations
The Celsius bankruptcy estate claims BitMEX wrongfully liquidated and seized 6,360 BTC during the March 2020 market crash, a sum now valued near half a billion dollars.
AfroEuropa Newsroom
AfroEuropa desk
The estate of failed crypto lender Celsius has filed a lawsuit against the cryptocurrency exchange BitMEX over losses tied to the March 2020 market crash.
According to the complaint, the Celsius estate alleges that BitMEX wrongfully liquidated and seized 6,360 BTC during the sharp downturn that accompanied the early Covid-19 period. Cointelegraph reported the disputed amount as worth close to $490 million, while CoinDesk put the figure at $495 million.
The position at issue was a leveraged long, according to CoinDesk, which noted that this stands in contrast to the delta-neutral strategy Celsius had marketed to its users. The estate is seeking to recover the 6,360 BTC lost during the crash.
The suit comes as BitMEX heads toward the closure of its exchange.
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