Against Core Scientific filed a collective lawsuit

Against Core Scientific filed a collective lawsuit

Core Scientific shareholder filed a collective lawsuit against a mining company for concealing unfavorable financial factors that led to investors losses.

The plaintiff May pan claims that in the period from March 3 to October 28, 2022, the company also made false or misleading statements “.

According to the document, on March 3, Culper Research published a report in which she claimed that Core Scientific overestimated her profitability and entered the lawsuit with the largest client of the hosting – Gryphon Digital Mining. It turned out that the latter did not have enough financial resources for the purchase of devices specified for placement.

Core Scientific shares on this day fell by 9.4% – to the closing price of $ 6.98.

On September 28, another client of the company, Celsius, filed a petition to the court. The bankruptcy proceedings of the bankruptcy procedure announced a violation of Core Scientific conditions of the hosting agreement, disrupting the timing of the installation of equipment and levying unjustified allowances for payment.

Against the background of the news news, papers fell by 10.3% – up to $ 1.30.

On October 27, the mining company said that before the end of the year it may finally exhaust reserves in cash and equivalents. Core did not exclude the submission of bankruptcy applications to protect against creditors.

On this trading day, shares collapsed immediately by 78.1%, to $ 0.221, with an “abnormally high” volume of trading.

The plaintiff also indicated that the company hid the end of the agreement on the preferential price of electricity from shareholders. As a result, tariffs increased more than doubled, increasing the costs of independent mining.

May Pan requested a lawsuit from Core Scientific payment of losses incurred, including interest proved in court, and reimbursement of “reasonable costs” on the process.

All investors of the company who are in a “similar situation” may join the claim, the statement said.

The defendants in the case, along with the company, were named President and CEO Michael Levitt, former financial director Michael Tshupek (until April 4), as well as the current CFO – Denise Sterling.

At the time of writing the Core Scientific Promotion, $ 0.21 is traded at NASDAQ. From the opening of the session, the quotes lost more than 8%.

Recall that according to the results of October, the total income of bitcoin mainers August 8, 2022 grew by only 7% and amounted to $ 589.7 million. In the previous month, the indicator collapsed immediately by 19%.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.

The manufacturer of ONEKEY cryptocurns attracted $ 20 million

The manufacturer of ONEKEY cryptocurns attracted $ 20 million

The manufacturer of the ONEKEY hardware wallet with an open source, which was based in Hong Kong, closed the round of financing of the series A for $ 20 million. It was led by Dragonfly and Ribbit Capital.

We’re thrilled to announce that OneKey has raised approximately $20M in our Series A round led by @dragonfly_xyz and @RibbitCapital ,and followed by @hiFramework , @Sky9Capital , @FoliusVentures ,@etherealvc , @coinbase , @santiagoroel and @fishkiller .

– Onekey | We’re Hiring! 🔑 (@Onekeyhq) September 28, 2022

Investments were also provided by Coinbase Ventures, Framework Ventures, Sky9 Capital, Folius Ventures, Ethereal Ventures, Santiago Santos, Feng Liu and a number of other unnamed business angels.

The company also attracted an unsolved “small sum” from iOSG Ventures, said the main developer of the startup Ishi Van.

One More Thing, We Are Super Excited To Announce that After Series A, We have Also Closed of Small Funding with Participation from 🤓.

– Yishi Wang (@yishi_oh) September 28, 2022

“Today Onekey is the only hardware wallet in the world with open source and a certified protected chip”, – explained Van.

According to the top manager, the company’s devices were ordered by the competitor of Ledger, as well as firms like Meta, Amber, Alchemy, Infura, Cobo, Imtoken. The volume of stored assets is “billions of dollars”, he added.

Startup positions the wallet as “No. 1 in the Eastern Hemisphere”.

Onekey plans to expand the number of supported blockchains up to 40 every year. The goal is to cover all public networks to help users accept and store the crypto assets and NFT presented in them. Also plans to integrate with software wallets.

The company does not plan to release its own token and expects to maintain organic growth.

Recall that in August the media reported on the plans of the manufacturer of the Ledger hardware cryptocurrencs to attract at least $ 100 million.

Earlier, his competitor Trezor announced partnership with the Wasabi Wallet team. The purpose of cooperation is to integrate into the instrument for mixing bitcoin transactions Coinjoin.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics Results of the .