Core Scientific shuts down 37K mining rigs it was hosting for Celsius

    Core Scientific estimates that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700. Bankrupt cryptocurrency lender Celsius Network has agreed to let Bitcoin miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s bankruptcy proceedings. Core…

    FTX considers acquiring the assets of Celsius following winning the Voyager bid

    Crypto exchange FTX is reportedly considering bailing out Celsius Network by bidding on the bankrupt lender’s assets. Acquiring the assets of Celsius would imply FTX’s intent to save the lending firm, similar to what FTX US did for Voyager. According to a Bloomberg report, FTX CEO Sam Bankman-Fried is considering the possibility to buy yet…

    Celsius DeFi lender files for bankruptcy with $1.2 billion hole in its balance sheet

    Celsius Network, a crypto lending services provider, announced on July 13 that it has filed for Chapter 11 bankruptcy. The bankruptcy filing says the platform made “certain poor asset deployment decisions” when the platform grew faster than it anticipated. It also confirms its liabilities outweigh its assets by $1.2 billion. After a series of descending…

    Goldman Sachs reportedly raising $2 billion to buy Celsius assets

    Goldman Sachs is reportedly seeking $2 billion in commitments from investors to buy distressed crypto assets of Celsius at steep discounts if the crypto lender goes bankrupt. The Wall Street firm is looking to raise $2 billion from investors to buy up distressed assets from troubled crypto lender Celsius, CoinDesk reported citing two sources familiar…

    FTX CEO says Alameda could ‘step in’ to prevent wider crypto collapse

    FTX founder and CEO Sam Bankman-Fried said his Alameda Research and FTX could “step in” the situation with Celsius and Three Arrows Capital to prevent further contagion across the crypto sector. He also rejected rumors that Alameda played a part in jeopardizing the stability of Celsius. The downward trajectory that has greeted the crypto market…

    Bitcoin plunges under $23,000 as crypto market cap falls below $1 trillion

    Bitcoin slumped to below $23,000, while the big crypto lender Celsius halted withdrawal. For the first time since early 2021, the overall crypto market capitalization fell below $1 trillion, amid traditional markets also came under severe pressure. On Monday, Bitcoin suffered its largest price drop in 2022 as signs emerged that the steep correction in…