Celsius Sues BitMEX for $495M Over 2020 BTC Crash Liquidations

Celsius Network has filed a $495 million lawsuit against BitMEX, alleging that the crypto exchange unfairly liquidated its positions during the March 2020 market crash. According to the complaint, BitMEX's actions caused significant financial damage to Celsius, which was one of the largest crypto lenders at the time. The lawsuit claims that BitMEX manipulated the liquidation process during the COVID-19-induced market turmoil, when Bitcoin (BTC) prices plummeted dramatically. Celsius argues that the exchange's liquidation engine unfairly targeted its positions, resulting in massive losses. This legal action adds to the growing list of disputes in the crypto industry, highlighting ongoing concerns about exchange practices during extreme market volatility. The case could set important precedents for how crypto exchanges handle liquidations during black swan events.