Bitcoin miner Sphere 3D has denied reports of financial troubles, saying that accusations by its former partner Gryphon Digital Mining are "disingenuous at best."
In a court document, Sphere 3D rejected accusations made days earlier by Gryphon before the U.S. District Court for the Southern District of New York, demanding a multi-million dollar blockade on the grounds that Sphere was "on the verge of an economic collapse."
On March 25, Gryphon asked the court for permission to file a motion aimed at securing $10 million in equity proceeds that Sphere recently received as part of a settlement related to Core Scientific's emergence from bankruptcy. According to Gryphon, the move was necessary because Sphere could not pay some $30 million in future violations of contractual rulings.
On the other hand, Sphere 3D says it has $45 million in assets and $5 million in liabilities, according to its 2023 annual report. "Tomorrow, a judgment could be issued against Sphere for up to $30 million, and the company will have the funds to cover the costs," the - The document reads. The company also accused Gryphon of unduly prolonging the proceedings, including by withdrawing counterclaims.
