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Rhodium Enterprises, a Bitcoin mining firm, has filed for Chapter 11 bankruptcy and is faced with a unique financing decision. The company has received court approval to choose between a $30 million loan or 500 Bitcoin from Galaxy Digital. The Bitcoin loan option carries a 9.5% interest rate, which is more favorable compared to the 14.5% interest rate on the dollar loan. Rhodium aims to restructure and emerge solvent, following the example of Core Scientific's successful reorganization in 2023.
Bitcoin Drama: Court Drops $1.2M Hammer in Crypto Loan Showdown British Columbia’s Supreme Court just ordered Daniel Tambosso to cough up $1.2M in a BTC loan gone bad with Hung Nguyen. This isn’t just some DeFi rug pull - judges are repping crypto contracts like old-school… https://t.co/60EoLHKWyB
COURT ORDERS $1.2 MILLION BITCOIN LOAN REPAYMENT IN CANADA A British Columbia court has ordered Daniel Tambosso to repay Hung Nguyen $1.2 million after failing to return a loan of 22 bitcoins. Nguyen, a real estate agent, claimed the loan was his entire savings. Daniel argued… https://t.co/bGNRiLyibs
COURT ORDERS GUY TO PAY BACK $1.2M BITCOIN LOAN A Canadian court just told Daniel Tambosso he’s gotta cough up $1.2 million after borrowing 22 bitcoins from a buddy, Hung Nguyen, back in 2021. Daniel says he’s a Ponzi scheme victim and tried to get his lost crypto back using… https://t.co/7VUbTBaxzt
