👷 Core Scientific facing bankruptcy after sluggish BTC prices and $72m financial plan fails

👷 Core Scientific facing bankruptcy after sluggish BTC prices and $72m financial plan fails 👽 3D hologram NFTs: christie’s and proto inc. join forces to push the boundaries of art display ✈️ Sam Bankman-Fried is being extradited to the US

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Here's what recently happened in the space:

👷 Core Scientific facing bankruptcy after sluggish BTC prices and $72m financial plan fails

👽 3D hologram NFTs: christie’s and proto inc. join forces to push the boundaries of art display

✈️ Sam Bankman-Fried is being extradited to the US

Core Scientific facing bankruptcy after sluggish BTC prices and $72m financial plan fails

Core Scientific, the top US-based publicly traded Bitcoin mining company just took a huge hit as they are reportedly filing for Chapter 11 bankruptcy protection in Texas. This is yet another casualty of an incredibly slippery slope year. It seems that no one can escape the wrath of 2022!

It's a sad day for the crypto space, as yet another prominent name from different sub-sectors — ranging from blockchain-developing companies to crypto lenders and top exchanges — has been forced to close its doors. Unfortunately, Core Scientific couldn't pass the test either.

One of the largest creditors of Core Scientific, B.Riley Financial, wrote an open letter to the shareholders and lenders of the firm last week with a $72 million financial plan in order to prevent bankruptcy. Unfortunately, it didn't pay off as the company’s health further deteriorated due to the sell pressure brought on by stagnated Bitcoin prices. In September alone, Core Scientific reduced its holdings by 1576 BTC.

It's a hard pill to swallow for anyone associated with Core Scientific, but hopefully, this sort of setback can be avoided as the cryptocurrency industry continues to grow and develop. We wish them all the best in this difficult time!

3D hologram NFTs: christie’s and proto inc. join forces to push the boundaries of art display

Christie's traditional auction house and the world of digital art collided in one of the most unlikely ways - through 3D holograms! While some took to digital frames to display their NFT art, Christie's went a step further and decided to leverage Proto Inc.'s holographic technology. Now, Christie's has made Proto the fourth company in its VC portfolio, further proving that art can be appreciated in any form.

Proto Inc. has been an integral partner of Christie's, having consistently collaborated throughout the last year on a variety of projects. For example, they have presented art from renowned artists such as Edgar Degas and Alberto Giacometti for auction in addition to their unique fRiENDSiES collection which was sold at March auction. The company was launched in 2019, and afterwards raised an astonishing $3 million via a seed round. Later on, it acquired another $5 million from Western Technology Investment firm. It is also backed by famous venture capitalists such as Tim Draper and Mike Walsh, as well as True Capital Management firm.

But how good is the hologram tech? Well, the talks between Proto and Christie's have been successful enough that they decided to make Proto the fourth company in its VC portfolio. This probably means that the tech is good enough to draw the attention of investors from around the world, so there's bound to be some impressive displays of art.

In any case, it's always a delight to see art being displayed in the most creative ways, and it seems like these guys have it covered.

Sam Bankman-Fried is being extradited to the US

Our old friend Sam Bankman-Fried is back in the news. This time, he's in the headlines as he'll be flying to the United States to face extradition charges. It looks like Mr. Bankman-Fried may be in for a bumpy ride as the US and Bahamas try to hash out the details of his extradition.

SBF has reportedly changed his mind about fighting extradition, the reason for this probably being the state of Bahamian jails, which one can only assume he found *less than* desirable. However, reports from his first court hearing this week suggest that his local attorney was unaware of this decision, likely because SBF himself had made a last-minute decision to accept the extradition.

We can only speculate what awaits Sam Bankman-Fried in America, but hopefully, he's not walking away from this unscathed. After all, sometimes you just have to face the music. And in this case, it looks like Sam will need his best lawyer to get the job done.