Celsius Spent $40 Million on Crypto Mining in First Two Weeks of Bankruptcy

Bankrupt crypto lending giant Celsius Network LLC used up more than $40 million in cash on its startup mining operation in the first two weeks of its bankruptcy, Finance Chief Chris Ferraro said at a meeting with creditors on Friday.

Celsius said the amount covered expenses including electric utility bills tied to its mining rigs, Mr. Ferraro said in response to questions from Shara Cornell of the Office of the U.S. Trustee, a Justice Department watchdog that oversees the bankruptcy courts.

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