J Capital short Marathon Digital, says ‘mining investor gullibility’

J Capital announced on its website that the firm is short Marathon Digital Holdings (MARA), as it concludes that Marathon "may have taken at least $250 million out of the company via overstated purchases of miners" based on interviews with mining companies in China. Silvergate Bank (SI), "historically MARA’s biggest source of liquidity, just announced that it can’t file its 2022 financials on time and may not be able to continue as a going concern," while Marathon’s "crypto-mining business did not make money even when Bitcoin was averaging around $47,500," according to the firm, which alleges that the company "has made a series of highly questionable payments, awarding shares to a company that appears not to exist, paying $35.5 mln to a related party company without disclosing that company’s business, making huge deposits with service providers for unclear reasons, and much more." Reference Link