Bitcoin miners Core Scientific faces "securities fraud" allegations
Bitcoin mining giant Core Scientific has been the topic of discussion for an array of reasons. Starting from its bankruptcy to shutting down 37,000 mining rigs of Celsius, the financial woes of the miners have piled on. Now, the possibility of “securities fraud” is beginning to surface. A recent report by Culper Research points out that Core Scientific has “widely oversold” mining businesses. During an investigation to see if the Bitcoin miner was part of any form of “ securities fraud and other unlawful business practices” , Culper Research made several discoveries. The securities class action firm Pomerantz LLP instigated the investigation. The firm accused the mining organization of overselling, not just its mining platforms but also its hosting business in 2021. Throughout 2022, multiple instances have highlighted a plummet in the firm’s stocks. Officials at Core Scientific reportedly “abandoned all pretense of care fo...