Other
"Bitcoin Miner Argo Blockchain Says It's Close to Restructuring Without Having to Declare Bankruptcy"
Primary Source ↗Incident Details
When the company accidentally published draft bankruptcy documents to its website, Argo Blockchain was forced to reveal that it is in last-ditch negotiations to raise capital. The company stated that they were still hoping to avoid a Chapter 11 filing, but that they were “at risk of having insufficient cash to support ongoing business operations within the next month”. The company has been trying to raise $25–35 million since late August, and when a $27 million equity deal fell through in early November, the miner acknowledged it might soon have negative cash flow.As a result of the inadvertent publication of bankruptcy documents, the London Stock Exchange and Nasdaq paused trading on the company’s stock. The company published a statement saying they had requested trading be re-enabled, since they had not actually filed for bankruptcy (yet).
Technical Details
- Initial Attack Vector
- Protocol collapse / insolvency
- Vendor / Product
- Argo Blockchain warns of bankruptcy
Timeline
- 2022-12-12 Breach occurred
- 2022-12-12 Publicly disclosed