NFT News by Thebittimes.Com

Core Scientific has rejected a multi-million-dollar administrative claim from Celsius Network, arguing it's owed an even higher amount from the crypto lender. Bankrupt Bitcoin (BTC) mining firm Core Scientific has objected to paying a $4.7 million administrative claim put forward by crypto lender Celsius Network, leading to a battle between the firms over contractual obligations. According to the objection, which was filed in Texas bankruptcy court on May 5, Core Scientific has asked that Celsius Network’s $4.7 million administrative claim s be rejected as the firm cannot prove it is entitled to one. “Celsius’ request for allowance and immediate payment of the Celsius alleged admin claim ignores that Core has substantial claim s against Celsius, which Core believes exceed the Celsius alleged admin claim ,” wrote the objection. For context, Core first signed a contract with Celsius in 2020 to host its cryptocurrency holdings in Core’s data centers. However, due to an increase in ...

Bitcoin proponent and author Jeff Booth is convinced that the crypto ecosystem will eventually collapse as a consequence of its centralization — except Bitcoin, that is. The downfall of FTX and a number of other CeFi platforms in 2022 has reinforced a Bitcoin maximalist narrative, according to which most of the crypto ecosystem will eventually collapse due to its centralization.   Jeff Booth, Bitcoin proponent and author of "The Price of Tomorrow", believes centralized crypto platforms such as FTX and Celsius have ended up replicating the traditional financial system with all its inherent flaws. "All of crypto is trying to rebuild a financial system that we already have based on manipulation and centralization," said Booth, in an exclusive interview with Cointelegraph. Even Defi platforms, which seek to provide a peer-to-peer, trustless alternative to traditional financial services, are bound to fail, according to Booth, since they are being built on protocols tha...