Celsius Sues BitMEX for $495M Bitcoin Before Shutdown In Crypto news today centers on a major legal fight in the digital asset space. Celsius sues BitMEX in a lawsuit filed on September 12, 2
In Crypto news today centers on a major legal fight in the digital asset space. Celsius sues BitMEX in a lawsuit filed on September 12, 2026, in the U.S. Bankruptcy Court for the Southern District of New York, seeking the return of 6,360.17 BTC, worth roughly $495 million at current prices.
The Celsius bankruptcy estate filed the case just 11 days before BitMEX ends its exchange operations on September 23, 2026.
The dispute traces back to the March 12 to 13, 2020 market crash, when Bitcoin's price collapsed sharply within hours.
Celsius alleges that BitMEX mishandled leveraged positions tied to its XBTM20 contracts, along with claims later transferred from investment fund JST.
The complaint accuses BitMEX of fraud, market manipulation, and wrongful liquidation during this Bitcoin crash 2020 lawsuit period.
Filed by: Blockchain Recovery Investment Consortium (BRIC), Celsius's litigation administrator
Court: U.S. Bankruptcy Court, Southern District of New York
Filingdate: September 12, 2026
Defendants: HDR Global Trading, ABS Global Trading, Shine Effort Inc., and 100x Holdings
According to the filing, BitMEX controlled the margin requirements, trigger prices, and the liquidation engine that processed customer positions.
Celsius claims BitMEX ran aggressive sell walls, including orders placed more than 24 percent below the next best ask, which fed a liquidation cascade during the crash.
The complaint also links a reported exchange outage to halted liquidations followed by a rapid price rebound.
Source of Claim
BTC Amount
Celsius Network direct loss
1,325.84 BTC
JST fund (claims transferred to Celsius)
5,034.33 BTC
Total sought in lawsuit
6,360.17 BTC (~$495M)
At the current Bitcoin price near $76,000, tracked on CoinMarketCap, the disputed holding would be worth close to half a billion dollars, underlining why this BitMEX 6360 BTC case has drawn wide attention.
The timing of the filing has raised questions across the industry. BitMEX announced in July 2026 that it would wind down exchange operations by September 23, 2026, giving the exchange 30 days to respond to the complaint or move to dismiss it before trading formally ends, per court filings with the Southern District of New York Bankruptcy Court.
Crypto commentary account BitcoinArchive also flagged the filing shortly after it became public, noting the 6,360 BTC figure and the proximity to BitMEX's shutdown date, in a post shared on X.
Celsius further alleges BitMEX benefited from an insurance fund tied to the same liquidation system it operated, creating what the complaint frames as a conflict of interest during the crash.
None of these claims have been proven, and BitMEX had not filed a public response as of this report.
Legal observers tracking this crypto news note that filing a claim just before a counterparty's shutdown is a common strategy among bankruptcy estates, since it can preserve legal standing before an entity winds down operations and becomes harder to pursue.
Analysts suggest the outcome could influence how other 2020-era liquidation disputes are pursued across the industry, though the case's success depends entirely on evidence presented in court.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Bitcoin prices are volatile, and the value of the disputed BTC may change materially before the case concludes.
