Innovative and sane developments in crypto ecosystem

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Bitcoin miner Core Scientific (CORZ) will stop mining equipment connected to Celsius Mining, which has over 37,000 machines and is Core’s largest client. Celsius Mining recently moved to reject Core’s contract. The move by Core Scientific to reject Celsius Mining’s contract is not in violation of the company’s property’s automatic stay, according to bankruptcy judge for Core Scientific David R. Jones. Core asserts that Celsius is failing to pay its debts; Celsius responds that Core unilaterally increased its electricity rate in violation of the terms of its services contract. With more than 37,000 machines hosted in its facilities, Celsius is not only one of Core’s largest customers but also one of its largest secured noteholders, holding $54 million worth of secured convertible notes, or 10% of the total issuance, according to Kirkland & Ellis attorney Chris Koenig, who is representing Celsius in Core’s bankruptcy case. Judge Jones gave attorneys for the parties time to create an agreed-upon proposed order, which he promised to announce by Tuesday afternoon whether he signed it or not.

Kunji research market update

The Israel Securities Authority (ISA) is working to create a new regulatory framework for digital assets that mostly fall within its authority, which might provide the sector with more clarity. Under the current definition of “financial instruments” under Israeli securities law, digital assets would be added. According to the agency, this initiative aims to safeguard investors while simultaneously enabling the special benefits of cryptocurrencies. The agency’s plan is available for public comment until February 12; assuming approval, it would take six months before it would fully take effect. The authority’s plan asks for public feedback until February 12 and specifies a six-month window before it would fully take effect following approval.

According to a blog post by the Solana Foundation and its sister business Solana Labs, FTX founder Sam Bankman-Fried purchased more than $58 million worth of Solana tokens in November. The network has experienced more activity on-chain despite the FTX epidemic, according to Solana’s head of strategy and communications. Austin Federa mentioned the NFT startup Bonk (BONK), which on Tuesday caiused a 20% increase in SOL thanks to an “airdrop” that involved a significant amount of its tokens being given to Solana users. Federa claimed that the “early attention” was beneficial and may have helped in the network’s growth and current instability since other Solana-based decentralized finance (DeFi) projects left the ecosystem. Nevertheless, despite non-fungible token (NFT) projects like DeGods, Federa claimed that developers are still signing up for the network.

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