Celsius Files $495 Million Lawsuit Against BitMEX Days Before Exchange Shutdown
(16 days ago) · 1 source · Summarized by CryptoBipto
Celsius has filed a lawsuit seeking $495 million from BitMEX, coming just 11 days before the exchange is scheduled to shut down. The lawsuit adds to the ongoing legal disputes involving both troubled crypto firms as they wind down operations.
WHY IT MATTERS
When a crypto company goes bankrupt, a team of lawyers and administrators works to recover as much money as possible for the people who lost funds — similar to how a bank's assets get divided up among depositors if it fails. Celsius, which was a platform where people could deposit crypto to earn interest, collapsed in 2022 and has been suing various parties to try to get money back for its customers. BitMEX is a crypto trading platform that has been in legal trouble of its own. This lawsuit is notable because it is a very large amount of money and comes right before BitMEX is reportedly shutting down, which could make it harder to collect anything even if the lawsuit succeeds.
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- cryptoslate.com
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