Katherine Ross

BlockFi&#8217;s Chapter 11 plan received approval earlier this week, supported by both the company&#8217;s management and the Committee of Unsecured Creditors.



According to a blog post, the plan got 90% approval across all voting classes. 



The former crypto lender filed for bankruptcy in late 2022 following the collapse of FTX. It followed in the footsteps of bankrupt lenders Voyager and Celsius.



<a href="https://blockworks.co/tag/blockfi">BlockFi</a> will continue to seek recoveries from the Three Arrows Capital and FTX bankruptcies as part of the plan, which would then increase recoveries for customers.&nbsp;



As Blockworks previously reported, BlockFi is also <a href="https://blockworks.co/news/blockfi-ftx-3ac-claims-creditor-funds">fighting claims from both FTX and 3AC</a>, which both seek to recover funds. The company alleged, however, that it fell victim to the former crypto exchange.



Read more: <a href="https://blockworks.co/news/how-blockfi-went-from-tech-unicorn-to-crypto-burnout">How BlockFi went from tech unicorn to crypto burnout</a>



Additionally, back in early September, <a href="https://blockworks.co/news/ftx-blockfi-sam-bankman-fried-oppose-bankruptcy-plan">FTX objected to BlockFi’s bankruptcy plan</a>, alleging that it “still suffers from certain fundamental shortcomings.”



The plan will ensure that digital assets are distributed to customers, including <a href="https://blockworks.co/news/blockfi-return-300m-some-customers">BlockFi Interest Account holders</a>.&nbsp;



Regarding the interest accounts specifically, the <a href="https://blockfi.com/blockfi-plan-confirmed/">blog</a> post said that “the company expects that this will be the first wave of distributions, which will be followed by additional distributions.”



BlockFi is still working to distribute “funds to clients with assets in the BlockFi Wallet product,” it said.



After the plan goes into effect, BlockFi will exit bankruptcy, and then start winding down the business. However, the timing is still uncertain due to being dependent on “a few factors, including the Bermuda court, which regulates our international clients, recognizing the US bankruptcy court’s approval of the plan.”



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BlockFi

BlockFi to move forward with Chapter 11 plan

James Cirrone

Core Scientific, one of the largest bitcoin miners in the US, is in the midst of a switch up in strategy, according to CEO Adam Sullivan.



Previously serving as president, <a href="https://blockworks.co/news/core-scientific-new-ceo">Sullivan was brought on as chief executive in early August</a> to steer the company out of bankruptcy.



And while Core Scientific continues to wade through the restructuring process, Sullivan told Blockworks that his first big push as CEO was to chase efficiency instead of focusing on the raw numbers of mining machines plugged in and hashing.&nbsp;



“We are seeking ways to optimize performance and efficiency at both the data center and individual miner level. We are repositioning some of our machines between and inside of our facilities to increase post-halving profitability,” Sullivan said, adding that they want to “eke out the extra pennies, nickels and dimes wherever we can.&#8221;



Before Core Scientific filed for bankruptcy in December 2022, Sullivan stated that its primary strategy was to maximize the number of operational machines.



That calculus made sense in 2021 and 2022, especially when taking into account that mining profitability was at near all-time highs during a great portion of that two-year period, according to the <a href="https://data.hashrateindex.com/chart/bitcoin-hashprice-index">Hashrate Index</a>.&nbsp;



In fact, Core Scientific purchased 112,800 Bitmain ASICs in late April 2021, right when bitcoin’s hash price was in the range of $300 to $400 a day per petahash per second (PH/s).&nbsp;



Over two years later in August 2023, <a href="https://blockworks.co/news/bitcoin-hash-price-lowest">hash price has dropped off a cliff</a>.&nbsp;



The price hovers at nearly $63 per day per petahash per second (PH/s) as of Tuesday, indicating an approximately sixfold decrease since the 2021 bull run.



Sullivan also discussed the importance of making derivatives bets in a commodities market such as bitcoin mining. If done wisely, a bitcoin miner can lock in cash flow during times when the volatile commodity — in this case, bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>) — is in the midst of a downturn.



According to an example given by Sulivan, if bitcoin was trading around $30,000 and suddenly flashed up to $40,000, he would happily choose to hedge for the next three months at a rate of $40,000, rather than waiting in anticipation of a further increase.



When asked if he would pursue a scenario like that in the future, Sullivan said that once Core Scientific emerges from bankruptcy, “those are some of the types of opportunities we will be looking for.&#8221;



<a href="https://blockworks.co/news/core-scientific-celsius-mining-facility-sale">The publicly traded miner recently struck a $45 million deal with Celsius Mining</a>, one firm Core Scientific used to host machines for, to end all litigation claims partly related to unpaid fees.



Core Scientific is scheduled for its disclosure statement hearing in the Southern District of Texas on Sept. 27, potentially enabling a vote on its second reorganization plan.



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Bitcoin mining

Core Scientific is focused on efficiency while hash price hits rock bottom

Shalini Nagarajan

BlockFi was granted more time to file a bankruptcy exit strategy on Wednesday, some five months after the crypto lender went bust.



Joshua Sussberg, BlockFi’s attorney, said the company is exploring potential sale of its assets at a recent hearing. The firm is also looking for an external backer for a potential restructuring deal.



The company now has until May 15 to file an exit plan, per <a href="https://restructuring.ra.kroll.com/blockfi/Home-DownloadPDF?id1=MTQ5MzE0NQ==&amp;id2=-1" target="_blank" rel="noreferrer noopener">court</a> docs. Judge Michael Kaplan <a href="https://www.law360.com/articles/1598805" target="_blank" rel="noreferrer noopener">reportedly</a> said it was worth extending the deadline to ease the way for a smooth continuation of the case.



Sussberg described the duration of the extension as “modest,” and said the company would have a plan ready for assessment by unsecured creditors within two weeks.



BlockFi <a href="https://blockworks.co/news/blockfi-files-for-bankruptcy" target="_blank" rel="noreferrer noopener">filed for bankruptcy</a> on Nov. 28, shortly after its <a href="https://blockworks.co/news/how-blockfi-went-from-tech-unicorn-to-crypto-burnout">bailout partner FTX</a>. Under bankruptcy code, debtors are ideally meant to propose a Chapter 11 plan in the first 120 days of the filing. This meant BlockFi should have presented a plan by March 27.



But on March 21, the company filed a <a href="https://restructuring.ra.kroll.com/blockfi/Home-DocketInfo?DockRelatedSearchValue=900808-659" target="_blank" rel="noreferrer noopener">motion</a> to extend the deadline for its Chapter 11 plan by 90 days to June 26.



“Given the size and complexity of these Chapter 11 cases, much work remains,” BlockFi’s lawyers said. It’s estimated BlockFi altogether owes more than 100,000 creditors up to $10 billion.



Also in the motion, BlockFi said it had generated $4.6 million in sales from auctioning its crypto mining assets and has initiated marketing for its remaining resources. BlockFi in March <a href="https://twitter.com/CaliforniaDFPI/status/1640429707845079040" target="_blank" rel="noreferrer noopener">agreed</a> to return more than $100,000 to California-based creditors.



A committee of BlockFi’s unsecured creditors had reportedly argued they should be given authority to take over the bankruptcy case so creditors can recover their funds quickly, according to <a href="https://www.bloomberg.com/news/articles/2023-04-19/blockfi-wins-more-time-to-explore-possible-sale-restructuring?srnd=cryptocurrencies-v2" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



The committee’s lawyer Robert Stark also described BlockFi’s platform as “a bundle of sticks,” and said its business isn’t viable enough for a reorganization. 



Kaplan denied the committee&#8217;s request but opted for a shorter deadline extension than BlockFi had requested.



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bankruptcy

BlockFi Gets Few More Weeks To Find Bankruptcy Exit Plan

Core Scientific, one of the world’s biggest bitcoin mining stocks, filed for bankruptcy on Wednesday after struggling under the weight of its debt.



The Texas-based firm’s cash flow is still positive, the company said in a press release, but it&#8217;s insufficient to repay an equipment financing loan



Core Scientific plans to continue mining while repaying the company’s majority debtholders.



The firm disclosed in a <a href="https://www.sec.gov/Archives/edgar/data/1839341/000162828022030600/core-20220930.htm" target="_blank" rel="noreferrer noopener">securities filing</a> dated Nov. 21 that it didn’t have enough cash to last through 2023. It also flagged doubts about its ability to raise funds through financing or capital markets.&nbsp;



In that filing, Core Scientific said it expects existing cash resources to be exhausted by “the end of 2022 or sooner.” Core Scientific has now <a href="https://www.prnewswire.com/news-releases/core-scientific-announces-comprehensive-restructuring-transaction-301708021.html" target="_blank" rel="noreferrer noopener">filed</a> for Chapter 11 bankruptcy just one month later.



The firm was just one of many bitcoin mining operations to <a href="https://blockworks.co/news/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage" target="_blank" rel="noreferrer noopener">take out high-interest loans</a> to fund rapid expansions and bolster rig inventories during the heat of last year’s bull market. Loans were often collateralized with existing ASIC reserves.



But rising electricity prices, falling crypto markets and sky-high mining difficulty left many companies, including Core Scientific, without enough revenue to cover debt obligations. Core Scientific said in October it would <a href="https://blockworks.co/news/core-scientific-stock-price-plummets-70-as-it-considers-bankruptcy" target="_blank" rel="noreferrer noopener">skip upcoming payments</a> on several loans.



The move to restructure &#8220;was necessitated by a decline in &#8230; operating performance and liquidity suffering from the prolonged decrease in the price of bitcoin, the increase in electricity costs necessary to power &#8230; data centers, and the failure by certain of its hosting customers to honor their payment obligations,&#8221; Core Scientific said. 



The firm played host to bankrupt crypto lender Celsius&#8217; bitcoin mining operations and <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174909292280000000013.pdf" target="_blank" rel="noreferrer noopener">claims</a> to be owed $5.4 million in unpaid fees.



Core Scientific ended October with $32.2 million in cash and just 62 BTC ($1 million), a far bleaker picture than September when it held 1,051 BTC ($17.7 million) and $29.5 million in cash. 



All this has obviously weighed heavily on Core Scientific stock, which is down 98% in 2022. The firm&#8217;s share price tanked a further 30% in pre-market trading Wednesday following news of its impending bankruptcy filing.



Direct rivals Marathon and Riot have shed 88% and 83% from their share prices this year, respectively. Core Scientific didn’t return Blockworks’ request for comment by press time.



There could be further bitcoin mining bankruptcies on the horizon. London-based outfit Argo Blockchain earlier this month warned shareholders it was <a href="https://blockworks.co/news/argo-bankruptcy-still-on-the-table" target="_blank" rel="noreferrer noopener">threatened by</a> “insufficient cash” and made no assurances of avoiding bankruptcy.



Updated Dec. 21, 2022 at 7:00 am ET: Included details of Core Scientific&#8217;s official statement, Celsius connection.



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Bitcoin Miner Core Scientific Files Bankruptcy, Stock Tanks 30%

Some BlockFi users affected by the crypto lender’s bankruptcy could be in for relief — if courts agree.



In a <a href="https://restructuring.ra.kroll.com/blockfi/Home-DownloadPDF?id1=MTM1NjE1Ng==&amp;id2=-1" target="_blank" rel="noreferrer noopener">motion</a> filed Monday with the US bankruptcy court in New Jersey, BlockFi requested authority to process withdrawals for crypto held in the platform’s Wallet accounts.



BlockFi Wallet accounts are separate to the platform’s interest-bearing yield products, essentially serving as a “hot wallet.” The platform’s interest-bearing accounts were not included in BlockFi’s motion.



BlockFi highlighted a section of its <a href="https://blockfi.com/wallet-terms" target="_blank" rel="noreferrer noopener">terms of service</a> which states: “Title to the cryptocurrency held in your BlockFi Wallet shall at all times remain with you and shall not transfer to BlockFi.”



Read more: <a href="https://blockworks.co/news/what-are-seed-phrases">What Are Seed Phrases and Are They Needed? The New Debate</a>



“Clients should be able to withdraw such assets from the platform if they choose,” BlockFi said. The firm initially <a href="https://www.axios.com/2022/11/30/blockfi-return-customer-deposits-bankruptcy" target="_blank" rel="noreferrer noopener">flagged</a> intention for its withdrawal motion at the end of November.



BlockFi also sought permission to reflect transactions lodged after it suspended service on Nov. 10, in light of a liquidity crisis. This would effectively process user attempts at transferring funds between Wallet and interest-bearing accounts, as well as any pending trades.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">WOW, <a href="https://twitter.com/BlockFi?ref_src=twsrc%5Etfw">@BlockFi</a> has already filed a motion requesting client withdrawals for assets held in BlockFi Wallet Accounts. S/O to BlockFi for moving exponentially more quickly than <a href="https://twitter.com/CelsiusNetwork?ref_src=twsrc%5Etfw">@CelsiusNetwork</a> in Ch 11. <a href="https://t.co/JvtWzMklNA">pic.twitter.com/JvtWzMklNA</a>&mdash; Tiffany Fong (@TiffanyFong_) <a href="https://twitter.com/TiffanyFong_/status/1604994112943374337?ref_src=twsrc%5Etfw">December 20, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The firm’s request comes less than a month after it filed for bankruptcy. BlockFi had been <a href="https://blockworks.co/news/how-blockfi-went-from-tech-unicorn-to-crypto-burnout" target="_blank" rel="noreferrer noopener">mired in financial strife</a> following market turmoil triggered by Terra&#8217;s depegging in May. Tanking prices led a number of crypto startups to file for bankruptcy, including rival lenders Celsius and Voyager.



Hedge fund firm Three Arrows Capital also went bust, failing to meet BlockFi&#8217;s <a href="https://www.ft.com/content/126d8b02-f06a-4fd9-a57b-9f4ceab3de71" target="_blank" rel="noreferrer noopener">margin calls</a> on an overcollateralized bitcoin loan <a href="https://www.theblock.co/post/154681/a-leaked-investor-call-revealed-morgan-creeks-bid-for-blockfi-here-are-four-more-big-takeaways-from-the-call" target="_blank" rel="noreferrer noopener">worth</a> $1 billion.



But BlockFi had substantial exposure to collapsed crypto exchange FTX due to a rescue <a href="https://blockworks.co/news/ftx-reaches-deal-to-acquire-blockfi-for-up-to-240m" target="_blank" rel="noreferrer noopener">loan agreement</a> signed in late June. The firm eventually <a href="https://blockworks.co/news/blockfi-files-for-bankruptcy" target="_blank" rel="noreferrer noopener">filed for bankruptcy</a> on Nov. 28 leaving up to 100,000 creditors out of pocket, with money owed estimated between $1 billion and $10 billion.



BlockFi is seeking similar relief for Wallet accounts maintained by its international-focused parent company registered in Bermuda, according to a <a href="https://twitter.com/TiffanyFong_/status/1604994112943374337" target="_blank" rel="noreferrer noopener">screenshot</a> of an email sent to users.&nbsp;



A hearing on the US request for Wallet withdrawals is scheduled for Jan. 9 at 10 am ET.



Updated Dec. 20, 2022 at 8:42 am ET: Added context about BlockFi&#8217;s loan to Three Arrows Capital.



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BlockFi Files Motion To Allow Wallet Users To Withdraw Crypto

<div id="highlights-block_6324504e00239" class="highlights">
 <ul>
 <li>A hearing on the motion is scheduled for Oct. 6 in New York</li>
 <li>Celsius reported having $2.8 billion debt in August</li>
 </ul>
 
</div>



Bankrupt lender Celsius raised eyebrows after recently revealing a <a href="https://cms.blockworks.co/celsius-banks-on-future-with-new-name-kelvin/" target="_blank" rel="noreferrer noopener">revival project</a> to win back customers, and it&#8217;s willing to dump its stablecoins to get there.



The firm has asked the court for permission to offload its stablecoin holdings in order to fund operations, a <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174909162280000000022.pdf" target="_blank" rel="noreferrer noopener">filing</a> from Thursday shows. 



Celsius lawyer Joshua Sussberg, who described the firm as &#8220;one of the largest and most sophisticated cryptocurrency based finance platforms in the world,&#8221; wrote the lender currently owns 11 different types of stablecoins worth $23 million, but didn’t mention which they were. 



When Celsius was solvent, it used stablecoins in its retail and institutional lending services, he said.



Celsius has provided varying figures of its liabilities and assets after drowning in liquidity trouble and <a href="https://cms.blockworks.co/celsius-to-file-for-bankruptcy-imminently-report/" target="_blank" rel="noreferrer noopener">filing for bankruptcy</a> in mid-July. A declaration made by CEO Alex Mashinsky shortly after initiation of bankruptcy showed it had a <a href="https://cms.blockworks.co/celsius-faces-heat-for-1-2b-balance-sheet-hole-customers-owed-4-7b/" target="_blank" rel="noreferrer noopener">$1.2 billion hole</a> in its balance sheet, with $5.5 billion in liabilities. But a month later, it reported having <a href="https://cms.blockworks.co/celsius-net-liabilities-surpass-2-8-billion-new-bankruptcy-filing/" target="_blank" rel="noreferrer noopener">$2.8 billion</a> in debt. 



The firm agreed it wouldn’t liquidate or sell its cryptocurrency holdings without the consent of the court. While it <a href="https://cms.blockworks.co/celsius-net-liabilities-surpass-2-8-billion-new-bankruptcy-filing/" target="_blank" rel="noreferrer noopener">disclosed</a> holding $761 million in its own CEL token in August, it hasn’t previously reported its stablecoin holdings.



“The Debtors [Celsius], however, continue to own stablecoins that should be monetized to fund their operations in these chapter 11 cases given their market stability compared to other types of cryptocurrencies,” Sussberg said.



A hearing on the matter is scheduled for Oct. 6.&nbsp;



<h3 class="wp-block-heading">Celsius stablecoins could help &#8216;absolute zero trust plan&#8217;</h3>



During an all-hands meeting last week, Mashinsky outlined a bold comeback project for the firm called “Kelvin.” 



The term is a reference to a unit of temperature which takes <a href="https://coolcosmos.ipac.caltech.edu/ask/298-What-is-absolute-zero-" target="_blank" rel="noreferrer noopener">absolute zero</a> (-273 degrees Celsius) as its lower bound. Top brass are describing the project as one with “absolute zero trust involved.” 



The plan includes re-enabling some key services and would allow customers that have funds in custody to stake, swap and take loans for a fee.&nbsp;



Mashinsky suggested just because companies become bankrupt, that doesn’t necessarily imply permanent doom.



“Pepsi filed for bankruptcy twice, right? Does it make the Pepsi taste less good?” he said. “Delta filed for bankruptcy, right? Do you not fly Delta because they filed for bankruptcy?”



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