Celsius refuses to pay back Core Scientific, causing Miner to falter

The crypto savings platform Celsius is again causing a stir as part of its insolvency proceedings, as the influential mining company Core Scientific accuses the crypto company of not wanting to repay any liabilities since filing for bankruptcy.

Core Scientific, one of the largest listed crypto companies, points out that the refusal to pay massively jeopardizes its own solvency, because the miner has also been hit hard by the ongoing crypto winter and rising energy costs.

In the relevant court documents, Celsius replies that Core Scientific installed the ordered mining devices with a delay and also provided less computing power than contractually agreed. Celsius therefore wants to obtain a court order that Core must first fulfill its contractual obligations, while Core demands from the court that the crypto savings platform must first pay all outstanding bills.

According to the Core Scientific court documents:

"Celsius must either honor the contract or Core and Celsius must terminate the contract before Celsius files another business partner for bankruptcy."

According to the documents, Celsius owes the Core $598,743.20 from an August 2022 invoice and an additional $1,505,940.08 from a September 2022 invoice, for a total of $2,104,683.28. "Core is losing close to $53,000 a day to pay for escalating energy bills caused by Celsius' refusal to pay," the mining company said.

The lawsuit will enter its first hearing before bankruptcy judge Martin Glenn next month.

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