Core Scientific, a crypto miner has submitted a motion asking for permission to reject Celsius’ contracts.
According to Core, Celsius had broken the terms of the agreements by failing to pay its power bills.
Celsius Network, a bankrupt cryptocurrency lender, has agreed to allow cryptocurrency miner, Core Scientific to shut down over 37,000 mining rigs, which it hosted for Celsius during the miner’s bankruptcy proceedings. After deciding to reject its contract in recent days, Core Scientific (CORZ) will shut down mining equipment connected to Celsius Mining, the platform’s biggest client.
In a hearing on Tuesday, Core’s bankruptcy judge, David R. Jones, declared that the motion to reject does not contravene the property-related automatic stay. He also pointed to Celsius’ objection as a “strategic” move. The platform is attempting to “take advantage” of the bankruptcy judge in its case without allowing the judge to express his concerns.
Core Scientific vs Celsius Networ
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