Core Scientific Declares Bankruptcy as Crypto Winter Lingers (2)

Core Scientific Inc., one of the largest miners of Bitcoin, became the latest crypto company to file for bankruptcy as the industry reckons with a plunge in digital-asset prices.

The Austin, Texas-based company listed $1.4 billion of assets against $1.33 billion of liabilities in its Chapter 11 petition, which was filed in the Southern District of Texas. The company’s shares, already down 98% this year to trade at a fraction of a dollar, lost a further 40% on Wednesday morning.

Chapter 11 bankruptcy allows a company to continue operating while it works out a plan to repay ...