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Data center operator US Bitcoin Corp (USBTC) has announced it will host 8,500 Bitcoin miners from the insolvent crypto lender Celsius at its Alpha Site.  A press statement on Aug. 31 revealed that the miners are expected to have an estimated hashrate of 820 petahash (PH). The hosting arrangement is part of a more significant deal that could see USBTC managing as many as 310,000 Bitcoin (BTC) miners . These miners would belong to Celsius and other clients like Teslawatt, Foundry USA, Marathon Digital, Decimal Group, and Sphere 3D. In May, USBTC, in collaboration with other partners in the Fahrenheit LLC consortium, won the auction to manage Celsius assets. These assets comprise a lending portfolio and approximately 122,000 mining machines. You might also like: Hut 8 receives a $50m loan from Coinbase’s subsidiary USBTC will manage the bankrupt lender’s mining division and play a key role in setting up and operating a 100-megawatt Bitcoin mining facility. Whe...

Alex Mashinsky, the former CEO of Celsius Network, is set to be release d on bail following his arrest and fraud charges on Thursday, July 13. Mashinsky has agreed to a $40 million personal recognizance bond, which must be signed by his wife by Friday, July 14, and by another financially responsible individual before July 21, who is yet to be identified. A release based on promise Following his arrest, a U.S. district court judge granted Mashinsky bail. In the agreement, Mashinsky must surrender his travel documents to authorities and is restricted to traveling within New York. Furthermore, the document states that the former CEO of the crypto lender is prohibited from opening any new financial, business, or personal bank accounts, lines of credit, or cryptocurrency accounts without the approval of Pretrial Services. The bond will be signed solely by his wife, while the identity of the co-signatory remains undisclosed. To secure the bond, Mashinsky’s New York City residence a...

2022 will go down in the books of crypto history as the year of collapses and bankruptcy filings. Right from 3 Arrows Capital to Celsius, Terraform Labs, Voyager, and Vauld to Genesis, Alameda Research, and FTX, a bunch of prominent names feel down on their knees. Their disintegration fractured the crypto space as a whole, and investors had to bear the brunt of the same. FTX Investors Not The Worst Affected FTX was among the top exchanges before its collapse. Until now, it seemed like its investors were the worst-affected victims. That might, however, not be the case. A recent analysis thread on Twitter by Chainalysis noted, “Our data suggests that FTX ’s demise hasn’t been crypto investors ’ biggest issue this year. Both the depegging of Terra’s UST token & the collapse weeks later of Celsius & Three Arrows Capital ( 3AC ) drove much bigger realized loss es.” In the case of UST, the investor loss figure stood at $20.5 billion. The same stood at a whoppin...