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Core Scientific: Crypto miner files for bankruptcy

2022-12-21T15:59:41.263Z


The crypto crisis is causing trouble for the next company: Core Scientific has filed for bankruptcy. However, the company intends to continue its business.


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Photo: DADO RUVIC/ REUTERS

The collapse of the crypto exchange FTX is getting more and more companies in the crypto sector in trouble.

Now the major crypto miner Core Scientific has filed for bankruptcy.

The company, based in Austin in the US state of Texas, stated that it was not striving for dissolution, but wanted to continue business.

The company's stock fell 20 percent after the announcement.

Within a year it has lost almost 98 percent of its value.

The American crypto financier BlockFi had previously filed for bankruptcy.

Immediately after the FTX bankruptcy, BlockFi had stopped paying out to its own customers and admitted that a “significant” amount of money was on fire at FTX.

Therefore, the insolvency of BlockFi was already expected.

FTX filed for bankruptcy protection on Nov. 11 after clients withdrew funds en masse in response to the covert move of $10 billion in deposits.

Founder and former boss, Sam Bankman-Fried, resigned as boss the same day.

He has apologized to customers but denied allegations of fraud.

The collapse of FTX has rocked the crypto world.

Bankman-Fried has since agreed to extradition from the Bahamas to the United States.

There he is to be tried for fraud.

hey/Reuters

Source: spiegel

All business articles on 2022-12-21

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