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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
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Most of Core Scientific’s customers that already have machines or contracts with the company’s hosting business won’t be affected by the bankruptcy, said Cann. The company, however, is considering selling two of its facilities, said Cann, but that was under consideration before the bankruptcy. The two sites are still under
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By the end of trading on Tuesday, the company’s market capitalization had dropped to $78 million from a $4.3 billion valuation in July 2021 when the company went public.Major crypto mining company Core Scientific (NASDAQ: CORZ) is expected to file for Chapter 11 bankruptcy protection in Texas early on Wednesday
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The company filed for Chapter 11 at Southern District of Texas bankruptcy court. The mines estimated liabilities are between $1 billion- $10 billion million, according to the filing. It has around 1,000-5,000 creditors, with the largest unsecured claim coming from investment bank B. Riley. Source
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Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.On Dec. 14, Financial services platform B.
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A source told CNBC that bankruptcy proceedings would not impact operations. Source
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During October and November, Greenidge burned through $8 million a month, of which $5.5 million went on NYDIG payments. It expects the same cash burn rate for December, which would put a significant hole through its remaining $22 million of cash and cash equivalents. Original Source
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According to a Binance blog post, Binance US has entered an agreement with Voyager Digital Ltd., in order to acquire its assets. The announcement details that the acquisition “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible.” Binance Reveals U.S. Subsidiary to Purchase Voyager
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Dorsey, a federal judge with the U.S. Bankruptcy Court of Delaware, said he approved of letting the media organizations, which also include the Financial Times and Dow Jones, intervene in favor of transparency, with a fuller hearing to be held in January. Source
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According to court documents associated with the FTX bankruptcy proceedings, on Nov. 9 — two days before the company filed for Chapter 11 bankruptcy protection — FTX co-CEO Ryan Salame told Bahamian authorities that Sam Bankman-Fried (SBF) sent customer funds to the firm Alameda Research. A letter written by Salame
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