Overview
- The Blockchain Recovery Investment Consortium filed the complaint in the U.S. Bankruptcy Court for the Southern District of New York on Saturday, Sept. 12, seeking the return of 6,360.17 BTC rather than only a dollar judgment.
- The suit names five BitMEX‑linked companies including HDR Global Trading, ABS Global Trading, Shine Effort, 100x Holdings and HDR Global Services and accuses them of fraud, market manipulation and wrongful liquidations during the March 12–13, 2020 crash.
- Celsius says BitMEX controlled margin rules, the prices used to trigger liquidations and the exchange’s liquidation engine, and that proceeds flowed into an insurance fund that benefited the platform during the cascade.
- All allegations are unproven and will face early tests on jurisdiction, statute‑of‑limitations and whether exchange mechanics or extreme volatility caused the losses rather than actionable misconduct.
- Because BitMEX is set to stop trading on Sept. 23, the filing raises the prospect of preservation or injunctive motions to protect assets during the wind‑down and could compel discovery into the exchange’s 2020 systems and records.