Core Scientific owes about $1 billion to creditors, which include MassMutual, and has said that it won't be able to make payments by the end of the month.
Core Scientific owes about $1 billion to several creditors including MassMutual and BlockFi. It said that it won’t be able to make payments by the end of the month.BlockFi said that it has not underwritten any new loans in the mining sector since the spring of 2022.it would not make payments dueThe miner owes about $1 billion to an array of companies including crypto lender BlockFi, investment banking firm B.
"BlockFi holds risk capital reserves to protect against potential loan defaults, which includes mining-equipment finance business," Mushkin said in a statement."Furthermore, our credit risk management team closely monitors the bitcoin mining sector and regularly speaks with the borrowers in the portfolio."
In June, several miners that traditionally held most of the bitcoin they mined began liquidating large portions of their holdings to pay down loans. Core Scientific, for instance,The largest loans and promissory notes taken out by the miner came from B. Riley, MassMutual Barings and BlockFi, to which it owed $75 million, $65.6 million and $60.7 million, respectively, as of June 30. Barings is an international investment management firm owned by parent Massachusetts Mutual Life Insurance Co.
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