Multi-Million Dollar Settlements And Reclaimed Mistaken Crypto - A Week in Crypto Transactions

Multi-Million Dollar Settlements And Reclaimed Mistaken Crypto - A Week in Crypto Transactions

Celsius Network Settles $45 Million Dispute With Core Scientific

Core Scientific, the leading crypto mining firm, has reached an amicable settlement worth $45 million with ex-crypto lender, Celsius Network. This is in response to an ongoing legal dispute, the resolution of which is still subject to court approval.

On September 15, Core Scientific publicized its agreement to divest its Bitcoin mining data center to Celsius for $14 million in cash — thereby laying to rest all standing litigation. The data center deal is valued at an estimated $45 million.

The two companies have been entangled in ongoing legal proceedings since October 2022. Core Scientific accused Celsius of reneging on its payments, while Core Scientific was blamed by Celsius for non-compliance of its contractual obligations pertaining to the deployment of mining rigs. Remarkably, both firms declared bankruptcy during the depth of last year's crypto bear market and multiple charges were faced by Celsius executives, including the former CEO, Alex Mashinsky.

Bitcoin Miner Returns BTC Fee Overpayment Worth Over $500,000 to Paxos

The Bitcoin miner who received a wrongly made payment of 19.8 BTC in fees, has refunded the sum to blockchain service provider Paxos, following Paxos' acceptance of error in paying more than $500,000 in Bitcoin transaction fees.

A Bitcoin transaction that paid $500,000 to transfer roughly $2,000 puzzled the crypto community on September 10. An ordinary network fee would amount to around $2. Paxos disclosed on September 13 that it was their server that executed the transfer and assured its users of the safety of their funds, confirming the lost ones belonged to Paxos.

Mere hours after Paxos's assertion, the Bitcoin miner who received the overpayment expressed displeasure on X (formerly Twitter) about returning the funds to Paxos. A majority of the miner's followers on X recommended redistributing the funds among other Bitcoin miners, but the advice appears to have gone unheeded as Mempool's shared blockchain data confirmed that the funds were indeed returned to Paxos on September 15.

North Korean Hackers Have Reportedly Stolen $340 Million in Cryptocurrency in 2023 So Far

According to Chainalysis, a blockchain security company, cryptocurrency theft by hackers linked to North Korea has reached $340.4 million as of September 14, 2023. Though this is an 80% decrease from the $1.65 billion stolen by these hackers in 2022, the firm warns that the risk still remains as high as ever.

“The decrease in this year's numbers is not necessarily indicative of enhanced security or diminished criminal activity,” Chainalysis cautioned in a September 14 report. Erin Plante, vice president of investigations at Chainalysis, reminds cryptofirms to focus on employee training to counteract the prevalent social engineering tactics employed by these hacker groups.