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      Celsius Files $495 Million Lawsuit Against BitMEX Ahead of Exchange Shutdown

      Celsius Network's bankruptcy estate has initiated a $495 million lawsuit against BitMEX, alleging fraud and market manipulation that resulted in the wrongful liquidation of 6,360 Bitcoin during the market crash in March 2020. The lawsuit was filed on September 12, 2026, in the US Bankruptcy Court for the Southern District of New York, just 11 days before BitMEX is set to permanently cease operations on September 23, 2026.

      The complaint targets five entities associated with BitMEX's operations, claiming that their liquidation procedures were intentionally designed to seize excessive collateral from customers during periods of extreme market volatility. The incident at the heart of the lawsuit occurred on March 12, 2020, when Bitcoin's price fell sharply, and Celsius contends that BitMEX misrepresented its ability to maintain orderly markets for derivatives, leading to significant losses for its users.

      This legal action comes as BitMEX prepares to close its doors following a strategic review announced in July 2026. The exchange has faced legal challenges from US authorities in the past, including charges against its founders for violations related to the Bank Secrecy Act. The Celsius estate's lawsuit reflects a broader trend of creditors and former counterparties seeking recovery from BitMEX before it becomes defunct, highlighting the urgency of the situation for those affected by the exchange's practices.

      For Celsius creditors, the lawsuit represents a potential avenue for recovery, with nearly $500 million at stake. However, the challenge of collecting on any judgment from a company that is winding down operations remains significant. The outcome of this case could also set a precedent for how courts assess liquidation practices in the cryptocurrency exchange sector, particularly in light of the volatility experienced during the market downturns of 2020 and 2022.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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