Celsius and Core Scientific propose $14M settlement for litigation
Crypto mining firm Core Scientific has announced an agreement with lending company Celsius Network to settle a legal battle that had been ongoing for months.
In a Sept. 15 announcement, Core Scientific said it had agreed to sell a Bitcoin (BTC) mining data center to Celsius in exchange for $14 million in cash to settle “all existing litigation.” The value of the Texas-based data center was roughly $45 million, and the deal will need court approval before being finalized.
The conflict between the two firms largely started in October 2022, when Core Scientific alleged Celsius had failed to pay its bills, while Celsius claimed the mining firm had not been deploying rigs as required under their contract. Both firms separately filed for Chapter 11 bankruptcy protection in the United States — Core Scientific in Texas in December 2022 and Celsius in New York in July 2022.
The Texas data center, which will likely go to Celsius’ mining arm if the deal is approved, was reportedly nonoperational but capable of supplying 215 megawatts to BTC rigs. According to Celsius CEO Chris Ferrero, crypto mining firm US Bitcoin played a “key supporting role in structuring and executing the transaction” in addition to being a party to a winning bid for Celsius’ assets in bankruptcy proceedings.
Related: ‘Unjustly enriched’ — Core Scientific knocks back $4.7M claim from Celsius
The litigation between the two firms is separate from the criminal charges against former Celsius CEO Alex Mashinsky and former chief revenue officer Roni Cohen-Pavon. Mashinsky was arrested in July and has pleaded not guilty to charges related to fraud and manipulating the market. Cohen-Pavon pleaded guilty to four charges on Sept. 13 and will be sentenced in December.
Magazine: Get your money back: The weird world of crypto litigation
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
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Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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