Celsius Network's bankruptcy estate has sued five BitMEX-linked companies, alleging fraud, market manipulation and wrongful liquidations of Bitcoin collateral during the March 2020 market crash. The Sept. 12 complaint, filed in the U.S. Bankruptcy Court for the Southern District of New York by Blockchain Recovery Investment Consortium, concerns 1,325.84 BTC allegedly lost by Celsius on March 12, 2020, and 5,034.33 BTC tied to investment fund JST the following day. The estate seeks 6,360.17 BTC, valued at roughly $495 million at a Bitcoin price near $77,800, rather than the assets' historical dollar value. Celsius alleges BitMEX controlled both the liquidation system and an insurance fund that received liquidation proceeds, creating a financial conflict. BitMEX is scheduled to cease trading on Sept. 23 following a strategic-review-led wind-down, and the allegations have not been proven in court.