Sphere 3D refuted accusations made by Gryphon Digital Mining, requesting a block on millions of dollars on the grounds that Sphere was on the “verge of economic collapse.”
Sphere 3D has denied reports of financial troubles by its former partner Gryphon Digital Mining, following the escalation of litigation between the Bitcoin miners.
In a court document shared with Cointelegraph, Sphere 3D refuted accusations made a few days earlier by Gryphon to the United States District Court for the Southern District of New York, requesting a block on millions of dollars on grounds that Sphere was on the “verge of economic collapse.”in equity proceeds that Sphere recently received from a settlement related to Core Scientific’s bankruptcy exit.
Sphere 3D's response to a pre-motion letter filed by Gryphon Digital Mining. Source: Dontzin Nagy & Fleissig/Sphere 3D. “Since April of 2023, it’s been back and forth They have $18 million in assets, and $27 million in liabilities, which means they have $9 million of negative working capital And on top of that, it looks like from their loan agreement, every single amount of excess income that they generate has to go to pay down their loans with Anchorage,” noted the source.
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