Core Scientific shares climbed more than 17% on Tuesday as the bitcoin mining company announced new developments around its deal with artificial intelligence provider CoreWeave. According to a press release on Aug. 6, CoreWeave has agreed to add to its hosting deal with the Bitcoin miner, with additional infrastructure set to see Core Scientific deliver another 112 megawatts for Coreeave’s Nvidia graphic processing units. Core Scientific and CoreWeave deal The new adjustments to the deal will roll in before the end of 2024, with operations expected to go live in early 2026. Core Scientific’s multi-year deal with CoreWeave will add roughly $2 billion in new hosting revenue, with the 12-year contract projected bring in over $6.7 billion in cumulative revenue after the initial contract’s expected total of $4.7 billion

“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it,” Core Scientific CEO Adam Sullivan said. “CoreWeave has one remaining option for 118 megawatts of our infrastructure and we are actively building our pipeline of potential new sites to expand our infrastructure portfolio and business opportunity. By maximizing the value and increasing the scope of our infrastructure portfolio for HPC hosting and bitcoin mining, we believe we can grow our business and the value we deliver to clients and shareholders,” Sullivan noted. CORZ stock price Core Scientific shares traded around $9.63 at the time of writing, more than 17% up on the day. CORZ is up 179% year-to-date. CORZ stock has traded higher since a breakout above $5 in May, with recent news helping the bullish case. In comparison, BTC is up just over 5% in the past 24 hours as it changes hands around $56,900.  While the value is up since the dip to near $49k on Aug. 5, Bitcoin remains more than 12% in the red in the past week. In the past month, BTC/USD is up 28% at the time of writing.

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Ronin Network pauses bridge after $9.8 million exploit. Initital updates suggest it may be a white hat hacker.

Ronin, the blockchain network for games and which powers the Axie Infinity game, has announced that its pausing its bridge. The announcement on Aug. 6 comes amid a suspected white hat hacking activity that saw over $9.8 million drained into a MEV bot. What happened? Ronin’s exploit reportedly had the attacker stealing 3,996 Ether (ETH) tokens from the blockchain. On-chain security platform alerted the community to the suspected hacking via a post on X.

In an update, Ronin confirmed the exploit and noted the network pause would allow its security team to investigate before providing a report. The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit,” Aleksander Larsen, the co-founder of Axie Infinity and Ronin Network, said in a statement posted on X. “We will follow up with more information shortly,” Larsen, also known as “Psycheout” on X, added. According to him, the bridge currently secures more than $850 million, funds that he said were safe Is it a white hat hacker? The latest incident involving Ronin’s bridge comes as the market reels amid massive price crash. Axie Infinity’s that had plunged to lows of $3.89, has rebounded amid the broader market’s bounce. The AXS traded around $4.41, more than 11% up in the past 24 hours at the time of writing. Unlike in March 2022 when a $625 million exploit left AXS nosediving, traders haven’t reacted negatively to the news. Probably, it’s due to initial reports indicating that the $9.8 million hack on August 6 is likely a white hack. If this is the case, the attacker will return the funds after Ronin patches the vulnerability.

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