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The Celsius estate has filed suit against BitMEX, alleging the exchange wrongfully liquidated and seized 6,360 BTC worth nearly $490 million during the March 2020 market crash.
The timing complicates any recovery: BitMEX is preparing to close. The case for the Celsius estate rests on conduct during a period of acute market stress.
March 2020 brought sharp, cascading liquidation events across leveraged crypto venues, and whether BitMEX acted within its contractual authority is the central question the suit presses.
Nearly $490 million in claimed damages gives the estate strong incentive to pursue this aggressively, even against an exchange in wind-down. The read-through on closure matters.
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