HDR Global Trading

The Celsius bankruptcy estate has filed suit against five BitMEX-linked entities over forced liquidations during the March 2020 Covid market crash. The action seeks the return of 6,360 BTC, now valued at roughly $495 million, while allegations of fraud, market manipulation and wrongful liquidations remain unproven.

BitMEX spent two years exploring a sale before moving to wind down operations, but prospective acquirers were deterred by founder-linked ownership, fading market share and reputational risks. The failed process stands out against a more active crypto mergers market, where other digital asset firms have continued to attract buyers.

BitMEX is facing a proposed class-action lawsuit alleging unfair liquidations, withheld collateral and insider trading tied to its bitcoin swap products. The case lands as the crypto derivatives exchange prepares to cease operations on Sept. 23 after an 11-year run.