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Core Scientific sold a Cedarvale, Texas-based mining location to bankrupt crypto lender Celsius for $14 million, while also releasing $31 million worth of claims against the company. According to a court filing, Core Scientific jettisoned the mining location in Ward County, Texas. The deal with Celsius came to light in a Thursday court filing, which also revealed that Core Scientific is releasing its $31 million worth of claims against Celsius, elevating the overall transaction to $45 million. Celsius Network and Core Scientific settlement. In exchange, Core will sell the Cedarvale site to Celsius and release all of Core’s own claims against Celsius. https://t.co/NN2Zs4WYBa pic.twitter.com/o5MCD3rdVA — Ang (@Ang_0ne) September 15, 2023 Celsius court filing The court filing stated, “After months of negotiations, Celsius and [Core Scientific] have now consensually resolved their long-running disputes and agreed to a global settlement that will fully resolve this litigation...

The bankrupt crypto lender Celsius filed an adversary complaint against EquitiesFirst Holdings on Sept. 6. EquitiesFirst Holdings is an Indianapolis-based private lending company that owed Celsius nearly $439 million worth of cash and bitcoin (BTC). Initially, Celsius took collateralized loans in 2019 to help support its operations. Later on, in July 2021, Celsius aimed to retrieve the collateral it had pledged to EquitiesFirst, but EquitiesFirst couldn’t return the assets that Celsius provided. You might also like: US DOJ freezes Alex Mashinsky’s assets in Celsius case Celsius, a digital-asset lending firm, filed for Chapter 11 bankruptcy protection in July. The company cited the decline in cryptocurrency prices as the reason for its financial difficulties, which resulted in failed high-risk investments. Celsius estimated its consolidated assets and liabilities to be between $1 billion and $10 billion, with about $167 million in cash. The company also disclosed hav...

Alex Mashinsky, the former CEO of Celsius Network, a bankrupt crypto lender, has been arrested in New York, reports on July 13 show. The arrest follows an investigation into the collapse of the crypto firm in Q3 2022. Mashinsky will be arraigned on Friday, July 14. However, people aware of the arrest reveal that the former CEO has denied any wrongdoing. Following the arrest , the United States Securities and Exchange Commission (SEC) is also suing Celsius and the former CEO for allegedly providing false information to creditors and information and lying about the firm’s financial health. Read more: Bitbuy relists XRP amid improvements in Ripple vs. SEC case Celsius was among prominent crypto firms collapsed last year. The crypto lender gained attention by offering high-interest rates on digital-asset deposits. However, following the TerraUSD stablecoin’s (UST) failure and a decline in crypto prices in 2022, Celsius found themselves in a financial hole and cou...

B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy. Financial services platform B. Riley has offer ed Bitcoin (BTC) miner Core Scientific $72 million in financing to avoid Bankruptcy and preserve value for Core Scientific stakeholders. B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec. 14 letter noting it's prepared to fund the first $40 million “immediately, with zero contingencies.” The finance platform suggested the remaining $32 million would be conditional on the BTC miner suspending all payments to equipment lenders while Bitcoin prices are below $18,500. The last time the price of Bitcoin was above $18,500 was on Nov. 9, before it fell over 14% in one day. B. Riley’s assessment of the predicament Core Scientific is in was scathing, suggesting it had deployed “an aggressive, ill-conceived strategy […] to continue to...