Crypto Biz: Contagion engulfs Bitcoin miners as bear market continues
With the BTC price plunging more than 76% peak-to-trough, miners are struggling to keep their operations running. Go to Source Powered by WPeMatico
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FTX creditor committee hires Paul Hastings LLP for bankruptcy proceedings: Report
After evaluating several law firms, FTX’s unsecured creditors’ committee has chosen a legal adviser. Go to Source Powered by WPeMatico
Third parties could return FTX funds directly to customers: Law firm
According to Louise Abbott, FTX users could claim in court that assets “remained their property at all times” and could be treated separately from bankruptcy proceedings. Go to Source Powered by WPeMatico
Bitcoin rebound to $18.4K? BTC price derivatives show strength at key support zone
Miners are in deep trouble due to increased hash rate and energy costs, but pro traders slightly added to their longs despite the recent BTC pullback. Go to Source Powered by WPeMatico
Core Scientific Files for Bankruptcy Protection, Firm Plans to Continue Mining Bitcoin to Pay Down Debt
On Dec. 21, 2022, one of the largest bitcoin mining operations in the industry, Core Scientific, filed for Chapter 11 bankruptcy protection in the Southern District of Texas. According to the filing, Core Scientific has roughly 1,000 to 5,000 creditors and its estimated assets are worth between $1-10 billion. Core Scientific Voluntarily Files for Chapter … Read more
Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy
Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Go to Source Powered by WPeMatico
Bitcoin Miner Greenidge Enters Non-Binding Debt Restructuring Deal With NYDIG
The bitcoin mining operation Greenidge Generation Holdings Inc. has executed a restructuring deal with NYDIG, according to an announcement published on Tuesday. According to the non-binding term sheet agreement, NYDIG will obtain 2.8 exahash per second (EH/s) of Greenidge’s mining capacity, and Greenidge further entered into a hosting deal with NYDIG for the same 2.8 … Read more
‘Visibly Shaking’ FTX Co-Founder Hammers out a ‘Wasted Day’ in Court as Bahamian, US Legal Team Prep for Extradition
FTX co-founder Sam Bankman-Fried (SBF) had a difficult day in court on Monday according to a number of accounts that said SBF’s local attorney seemed to be in conflict with his U.S. legal team. Furthermore, courtroom reports noted that SBF dozed off for an extended period of time and had to be shaken awake by … Read more
FTX warns it will claw back political donations and contributions
The exchange warned those who received payments from FTX or its former executives that it’s looking to recover funds even if they were donated to charity. Go to Source Powered by WPeMatico
Sam Bankman-Fried seeks to reverse decision on contesting extradition: Report
By consenting to extradition, Bankman-Fried would be able to appear in a United States court. Go to Source Powered by WPeMatico