In a development outlined in court filings on Thursday, crypto mining providers Celsius and Core Scientific (CORZ) have tentatively agreed to a $45 million resolution to end their prolonged legal feud. This resolution hinges on approval from judges in Texas and New York, where Core and Celsius had filed for bankruptcy.
Under the terms of this settlement, Celsius will make a payment of $14 million in cash, with the remainder being satisfied through adjusted claims. The agreement is being hailed as a pragmatic solution to the extensive and costly legal battle between the two parties. As part of the deal, Celsius will also acquire Cedarvale, an expansive 85-acre mining site in Texas.
Celsius had initially asserted claims amounting to $312 million after Core shut down Celsius mining rigs in January, citing unpaid obligations. Additionally, Celsius had previously filed motions urging the court to hold Core in contempt.
The agreement, described by Celsius’ legal team as “fair, equitable, and a carefully negotiated resolution,” signifies a significant step toward resolving the contentious issues that have plagued the two companies and mitigating the substantial legal costs associated with protracted litigation.
