US crypto miner Core Scientific appoints new president amid bankruptcy

Mining

Bankrupt cryptocurrency miner Core Scientific Inc. has appointed Adam Sullivan, an funding banking veteran, as its new president, the corporate mentioned in a court docket submitting dated Monday.

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• Sullivan, whose most up-to-date function was managing director of XMS Capital Companions, the place he oversaw over US$5 billion of transactions. He additionally represented the Energy and Digital Infrastructure Acquisition Company in its acquisition of Core Scientific Holding Firm in 2021, the corporate mentioned.
• Sullivan will report back to Mike Levitt, chief govt officer of Core Scientific, and can work on monetary and strategic issues whereas helping with the negotiation of a reorganization plan, in accordance with the submitting.
• Core Scientific’s present president, Todd DuChene, will proceed serving as chief authorized officer and can tackle a brand new function as chief administrative officer.
• In December, the Texas-based miner filed for Chapter 11 chapter safety amid falling crypto costs and rising vitality prices. The corporate added that it’ll proceed to working its present self-mining and internet hosting operations, which has remained “considerably money circulation optimistic on a debt-free foundation.”
• The corporate is predicted to deliver Sullivan on board 15 days after the chapter court docket authorized the employment movement, the submitting confirmed.