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First Mover Americas: One of the Largest Bitcoin Miners Goes Bankrupt
The latest price moves in crypto markets in context for Dec. 21, 2022.
Updated Dec 21, 2022, 2:30 p.m. Published Dec 21, 2022, 1:18 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Core Scientific,one of the largest bitcoin miners by computing power, has filed for bankruptcy protection.The company filed for Chapter 11 at the Southern District of Texas bankruptcy court. The miner's estimated liabilities are from $1 billion to $10 billion, according to the filing. It has around 1,000-5,000 creditors, with the largest unsecured claim coming from investment bank B. Riley. The bankruptcy of Core Scientific, which accounts for about 10% of computing power on the bitcoin network, operating 143,000 mining runs and hosting another 100,000 is the biggest one yet and is set to send shockwaves in an already crumbling industry.
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A creditor committee that includes crypto exchange Gemini has presented a plan to Genesis and Digital Currency Group (DCG) to “provide a path for the recovery of assets,” Gemini co-founder Cameron Winklevoss said in a tweet. The creditor committee expects to hear from Genesis and DCG by the end of the week. DCG is also the parent company of CoinDesk.
Sam Bankman-Fried, former CEO of bankrupt crypto exchange FTX, has signed the necessary paperwork to begin the extradition process, reports the New York Post, citing Doan Cleare, the acting commissioner of corrections at Fox Hill Prison in The Bahamas. Bankman-Fried is set to appear in court on Wednesday morning to continue the extradition process. CNBC reported that Bankman-Fried will fly to the U.S. the same day, also citing Doan Cleare.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Lo que debes saber:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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