BRIC Sues BitMEX Over 6,360 BTC Linked to Former Celsius Customers

Blockchain Recovery Investment Consortium (BRIC), a joint venture of VanEck and GXD Labs, filed a lawsuit on September 12 in the U.S. Bankruptcy Court in Manhattan against five BitMEX entities. The complaint seeks the recovery of 6,360 BTC—valued at roughly $485 million—on behalf of former Celsius customers whose positions were liquidated during the March 2020 market collapse.

Allegations of Manipulated Liquidations

BRIC claims BitMEX intentionally designed its platform and liquidation procedures to profit from forced liquidations. The suit alleges that during the March 12‑13, 2020 crash, BitMEX experienced a 25‑minute outage blamed on DDoS attacks. When trading resumed, the exchange allegedly executed liquidation orders at prices that existed only on its own “broken book,” driving down prices further.

The complaint also asserts that BitMEX’s internal “Insider Trading Desk” had “God Access” – real‑time visibility into customer accounts, order flow, and liquidation data – allowing the desk to trade against clients using anonymized burner email accounts.

Connection to Celsius

The lawsuit ties the alleged misconduct to the collapse of crypto lender Celsius. BRIC contends that BitMEX’s liquidation of positions held by Celsius customers transferred collateral to BitMEX’s Insurance Fund, creating an incentive to liquidate. The fund reportedly grew by 4,457 BTC during the March 2020 period, though BitMEX later stated the fund lost 2,606 BTC on March 13.

Repeated Claims and Ongoing Shutdown

The “God Access” and insider‑trading accusations echo a separate suit filed by BKX Services and David Namdar on the same day BitMEX announced its shutdown. BitMEX has announced a permanent closure effective September 23, 2026 but has not responded to the new lawsuit.

Background on Celsius

A court‑appointed examiner in January 2023 concluded that Celsius’s advertised business model differed from its actual operations, highlighting risky borrowing practices and a lack of transparency.

Previous Settlements

In October 2025, BRIC reported that Tether settled a separate Celsius lawsuit for nearly $300 million.