Crypto mining companies Celsius and Core Scientific (CORZ) have come to a preliminary agreement to settle their ongoing legal disagreement for $45 million, as stated in court documents filed on Thursday.
To finalize this deal, it needs to be given the green light by judges in Texas and New York. Celsius will pay $14 million in cash, with the rest being paid through adjustments to their outstanding claims.
The filing stated, “The Settlement also resolves the protracted and expensive litigation with Core and cuts off the significant costs that would have been incurred if the Parties were to fully litigate their claims against each other in two bankruptcy courts.”
According to documents submitted by Celsius’ legal team, they consider the agreement to be a fair and carefully worked-out solution.
In this deal, Celsius is not only settling its dispute with Core Scientific but is also acquiring an 85-acre mining site called Cedarvale in Texas as part of the resolution.
Celsius had previously demanded $312 million as compensation when Core shut down Celsius’ mining equipment in January due to unpaid bills.
They also previously submitted legal requests stating that Core should be found guilty of disobeying court orders.
Also Read: Celsius’ Former Exec Found Guilty To Four Criminal Charges
