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Crypto Miner Core Scientific Will Defend its Interests in Celsius Bankruptcy
Core Scientific provides hosting services to Celsius Mining, for which it claims to be owed around $5.4 million.
Updated May 9, 2023, 3:59 a.m. Published Oct 12, 2022, 11:26 a.m.
Crypto hosting and mining company Core Scientific (CORZ) has said it intends to pursue what it feels it is owed by Celsius Mining, the mining affiliate of the beleaguered crypto lender.
The firm said in a U.S. Securities and Exchange Commission (SEC) filing on Wednesday that it "intends to vigorously defend its interests" and that it has retained legal advisors to assist it with relation to Celsius Mining.
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"An adverse or untimely ruling by the bankruptcy court that provides Celsius the benefits of the Company’s hosting services without Celsius fully paying the costs of such services would have a material effect on the Company’s business, financial condition, results of operations and cash flows," the firm said.
Core Scientific provides hosting services to Celsius Mining, for which it claims to be owed around $5.4 million. Along with Celsius Network, its parent company, Celsius Mining filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York in July.
Last month, Celsius alleged that Core was in violation of the automatic stay which Chapter 11 bankruptcy protection provides, which prevents any enforcement action or the start or continuation of other legal proceedings by creditors.
Core Scientific disagrees with the allegations made and will continue to seek "resolution from the bankruptcy court and payment of any outstanding amounts owed."
Shares of Core Scientific were up over 1% at $1.29 during pre-market trading.
Read more: Barclays Remains Positive on Bitcoin, Sees Miner Core Scientific as ‘Best-In-Class Leverage Play’
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