Creditor offers Bitcoin miner Core Scientific $72M to avoid bankruptcy

Financial services platform B. Riley has offered Bitcoin (BTC) miner Core Scientific $72 million in financing to avoid bankruptcy and preserve value for Core Scientific stakeholders. B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec. 14 letter noting it’s prepared to fund the first $40 million “immediately, with zero contingencies.” The finance platform suggested the remaining $32 million would be conditional on the BTC miner suspending all payments to equipment lenders while Bitcoin prices…

Travis Scher Launches $72M VC Crypto Fund Backed by Paul Tudor and Others

The new VC crypto fund managed by Glenn Hutchins has already raised $72 million with investments coming from popular personalities of diverse industries. So far, the fund has already invested in seven startups within the space. On Thursday, February 4, Travis Scher, the former vice president of investments at Digital Currency Group (DCG) announced a new crypto VC fund backed by billionaire investors like Paul Tudor Jones as well popular hip-hop personalities like LL cool J. More importantly, it also has investors like Silver Lake Partners co-founder Glenn Hutchins. Details of…

LL Cool J and Paul Tudor Jones back $72M crypto fund

Several high-profile figures in finance and entertainment are reportedly backing a new venture capital crypto fund from former Digital Currency Group investor Travis Scher, Silver Lake Partners co-founder Glenn Hutchins, and his son James Hutchins. According to a report from Yahoo Finance, the crypto fund has raised roughly $72 million from investors including Paul Tudor Jones, rapper and actor LL Cool J, and former PepsiCo CEO Indra Nooyi. The Hutchins father and son team along with Scher will manage the fund through the New York-based company North Island Ventures. “We…

Man offers city $72M to dig up accidentally discarded Bitcoin fortune

James Howells, the owner of a discarded hard drive with 7,500 Bitcoin (BTC), has made a fresh plea to excavate a landfill site and possibly recover the device. Back in 2013, Howells accidentally threw away a hard drive containing 7,500 BTC while cleaning his house. The Bitcoin stash came from Howell’s mining activity back when it was still possible to use CPUs to mine Bitcoin/ By November 2013, the Bitcoin  in the hard drive was already worth $6.5 million and Howell has been trying to recover it ever since. Now,…