This adds to the number of crypto companies that have gone bankrupt since the start of the year. US Bankruptcy Judge David Jones approved Core Scientific’s $37.5 million provisional bankruptcy loan at a court hearing in Houston, Texas. “The company will seek final approval of the loan and permits to borrow an additional US$37.5 million in January,” he was quoted as saying by Reuters on Thursday (22/12). Lawyers for Core Scientific said it was open to better financing offers from other lenders. READ ALSO Turkey’s Crypto Exchange Bankrupts, Potential Investors Lose IDR 29 Trillion List of Bankrupt Crypto Companies: Advertisement 1. Core Scientific Core Scientific is the largest cryptocurrency miner in the United States. Companies supply bitcoins for themselves and customers, such as Celsius. 00:19 / 02:02 Core Scientific reveals several reasons why the company went bankrupt, namely: Sharp drop in bitcoin price Rise in energy costs for bitcoin mining US$7 million outstanding debt from US crypto lender Celsius Network, one of the company’s biggest customers. In filing for bankruptcy in court, the company said that it would not be liquidated. Core Scientific intends to pursue a restructuring supported by creditors who hold more than 50% of the company’s conversion notes. ADVERTISEMENT READ ALSO Crypto ‘Bandar’ Cannot Pay for Electricity, Sells Cheap Bitcoin, Bankrupt 2. Celsius Core Scientific customer, Celsius, first filed for bankruptcy in July. In court documents, Celsius said the company had a US$40 million claim against Three Arrows Capital. Celsius Network estimates its assets and liabilities to be around US$1 billion to US$10 billion, with more than 100,000 creditors. The company has US$ 167 million in cash. READ ALSO US Inflation Skyrocketing & Threatened of Recession, Crypto Bookies Bankrupt Increases 3. Three Arrows Capital This Is What Christmas Festive Looks Like in the Middle East slide 6 to 8 of 6 00:55 Christmas Comes, Mariah Carey Always Profits Billions 25 December 2022 00:57 Revlon Bankrupt Shareholders Withdraw With Empty Hands 24 December 2022 00:57 After Two Years of Loneliness, Jakarta Holds New Year’s Celebration Again 24 December 2022 01:44 After Layoffs, Shopee Follows Grab to Cut Salary Expenses 23 December 2022 00:48 [TEASER] Garibaldi ‘ Boy’ Thohir: Learning from Qatar, Indonesia Must Focus on Downstream 23 December 2022 00:57 This Is What Christmas Celebrations Like in the Middle East 25 December 2022 00:55 Christmas Comes, Mariah Carey Always Profits Billions 25 December 2022 00:57 Revlon Bankrupt Shareholders Backing Out With Empty Hands December 24, 2022 00:57 After Two Years of Loneliness, Jakarta Holds New Year’s Celebrations Again December 24, 2022 01:44 After Layoffs, Shopee Follows Grab to Cut Salary Expenses December 23, 2022 00:48 [ TEASER] Garibaldi ‘Boy’ Thohir: Learning from Qatar, Indonesia Must Focus on Downstream 23 December 2022 00:57 This Is What Christmas Celebration Looks Like in the Middle East 25 December 2022 00:55 Christmas Comes, Mariah Carey Always Profits Billions 25 December 2022 00:57 Revlon Bankrupt Shareholders Resign With Empty Hands December 24, 2022 00:57 After Two Years of Loneliness, Jakarta Holds New Year’s Celebration Again December 24, 2022 01:44 After Layoffs, Shopee Follows Grab to Cut Salary Expenses December 23, 2022 Three Arrows Capital or 3AC which owns debt at Celsius, went bankrupt in early July. This hedge fund company was hit by a liquidity crisis in the crypto ecosystem because it failed to pay debts. 3AC lost around US$ 400 million during this liquidity crisis. “The collapse of Three Arrows Capital triggered the collapse of many other companies across the crypto space,” said GlobalBlock analyst Marcus Sotiriou as quoted by Business Insider, in July (4/7). READ ALSO Hundreds of Crypto Exchanges Bankrupt, FTX Founder Sam Bankman-Fried Arrested 4. Terra Luna Terra Luna went bankrupt after its crypto coin fell to Rp. 0 in May. Terraform Labs CEO founder Do Kwon is also a fugitive. Three Arrows Capital and Celsius invest in Terra Luna. ADVERTISEMENT READ ALSO List of Crashed Crypto Bookies Dragged Down by Terra Luna Crash 5. Voyager Digital Ltd. US crypto lender Voyager Digital Ltd. filed for bankruptcy in early July, after suspending withdrawals and deposits. The company owes Alameda Research US$75 million owned by Sam Bankman-Fried. But Alameda also owes Voyager $377 million. Additionally, owns a 9% stake in Voyager. On the one hand, Alameda was also a major equity investor in Voyager before the company applied for a ban
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