Celsius Mining Owes $5. 4 Million In Hosting Fees Says Core Scientific, Crypto Miner After Legal Recovery. Summary:.
13 Oct 2022, 08:00
Celsius Mining Owes $5.4 Million In Hosting Fees Says Core Scientific, Crypto Miner After Legal Recovery
Summary:
Core scientific intends to pursue a claim against bankrupt crypto lender Celsius and the company’s mining business.A filing with the U.S. Securities and Exchange Commission on Wednesday said Core Scientific plans to “vigorously defend its interests” during the ongoing bankruptcy proceedings.The crypto miner claims that Celsius Mining owes around $5.4 million for hosting services.Legal counsel for the troubled crypto lender previously argued that Core Scientific violated bankruptcy protection by debt recovery. Core Scientific submitted a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday in line with the company’s plan to recover $5.4 million owed by Celsius Mining, the digital asset mining business attached to the bankrupt crypto lender.
The company runs crypto mining operations as well as hosting services as part of its revenue generation strategy. Prior to its chapter 11 bankruptcy filing in July 2022, Celsius and Core Scientific had an agreement where Core Scientific provided crypto hosting for the lender’s mining business.