Celsius Sues BitMEX for $495M Over 2020 Liquidations

The Celsius bankruptcy estate has filed a $495 million adversary complaint against BitMEX in the U.S. Bankruptcy Court for the Southern District of New York, alleging the exchange's liquidation system wiped out approximately 6,360 BTC across two days in March 2020 when bitcoin fell roughly 50% in a single session. Blockchain Recovery Investment Consortium, acting as litigation administrator for the Celsius estate, filed the complaint on September 12, 2026. The claim seeks return of bitcoin or its current equivalent, disgorgement, additional damages, and potentially punitive or treble damages; all allegations remain untested in court and BitMEX had not filed a response as of publication. For related coverage, see Payward Plans Hyperliquid Perpetual Futures for U.S. Clients. 6,360 BTC Lost Across Two Liquidation Events, Complaint Alleges The complaint identifies two distinct loss events. Celsius alleges it lost 1,325.8385 BTC in BitMEX liquidations on March 12, 2020, the day bitcoin's price collapsed by approximately 50%. For related coverage, see LatAm Telecom Operator Puts Part of Its Finances on Avalanche. Celsius's alleged March 12 loss 1,325.8385 BTC Alleged bitcoin loss in March 12, 2020 liquidations; not a court finding. The lawsuit also includes assigned JST claims alleging an additional 5,034.3281 BTC was lost the following day, March 13, 2020, bringing the combined alleged loss to 6,360.1666 BTC. Assigned JST claim alleged loss 5,034.3281 BTC Additional alleged bitcoin loss in the assigned JST claims; not a court finding. CoinDesk independently confirmed the rounded components as 1,325.84 BTC and 5,034.33 BTC, valuing the combined claim at roughly $495 million. At the current BTC price of $75,422, down 1.91% over the prior 24 hours, the 6,360.1666 BTC at the center of the complaint would carry a market value of approximately $479.7 million. The complaint alleges, but has not proven, that BitMEX intentionally designed its liquidation system to force customer liquidations, manipulate the market, and benefit its insurance fund. That characterization is a single-party allegation advanced in the complaint; no court has made any finding on those claims, and The Royal Gazette reported BitMEX had not filed a response. Celsius Bankruptcy Estate Context The Celsius estate has pursued multiple recovery actions since the platform collapsed in 2022. Alex Mashinsky was barred from accessing Celsius bankruptcy estate funds in a prior proceeding, illustrating the scope of litigation the estate's administrator has initiated. This BitMEX action is a separate adversary proceeding targeting alleged pre-bankruptcy losses rather than post-collapse misconduct. The complaint requests a jury trial and seeks return of bitcoin or current equivalent value, additional damages, disgorgement, and costs. Because the filing is an adversary proceeding within an existing bankruptcy case, it moves through the Southern District of New York Bankruptcy Court rather than federal district court directly.