BitPay Processes Largest Bitcoin Transaction to Date For Butterfly Labs
Have you heard of BitPay? They're the largest Bitcoin payment processor out there, and they're coming out to say that they've recently processed the largest Bitcoin transaction to date for Butterfly Labs (you know, the company that manufacturers miners) in the amount of about $1,000,000 USD. The time needed for the transaction? About one business day. That's extremely quick from buyer to seller, if you haven't already noticed. "The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality....
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BitPay has processed its largest ever single transaction - $1m for bitcoin mining hardware manufacturer Butterfly Labs. This means that, at the current price of $192 per bitcoin, Butterfly Labs received an order for around 5,208 BTC-worth of mining equipment. BitPay then processed this order, depositing the equivalent in fiat currency in Butterfly Labs' bank account. Despite the size of the order, the cryptocurrency payment processor processed it in their usual one-business-day timeframe. Tony Gallippi, co-founder and CEO of BitPay, said: "The speed, reliability, and certainty of payments....
Butterfly Labs was one of the very first mining firm is now in deep trouble as US Goverment is taking legal actions against them. Butterfly Labs was accused of fraud and misrepresentation. FTC documents say that the companies assets were frozen. The story began with really upset customers who failed to received their pre paid miners. Butterfly Labs has violated Section 5(a) of the FTC Act. BFL were basically engaging in “unfair or deceptive business practices in or affecting commerce”. We have contacted butterfly Labs to get some information regarding the shut down but they said
Three weeks ago, the Federal Trade Commission shut down Butterfly Labs. Butterfly Labs is a company that sells Bitcoin mining hardware. It's been accused of scamming and lying to customers time and time again. Recently, the Federal Trade Commission (FTC) reported that Butterfly Labs was lying to customers in multiple ways, one being that they mined on their customers' hardware for extended periods of time before shipping it. This morning, Butterfly Labs tried to dismiss the FTC's complaint. Also read: FTC Shuts Down Butterfly Labs... Finally. The FTC claims that Butterfly Labs spent their....
A week ago, the Federal Trade Commission (FTC) shut down Butterfly Labs (BFL), one of the reasons for this being that "consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants [Butterfly Labs] never provide them with the machines or services." The FTC released new court filings today for its Butterfly Labs case. The most recent report by the FTC against Butterfly Labs is that they mined for bitcoins on their customers' miners before shipping them (if they even shipped them at all), and didn't tell the customer: Fraud. New Evidence....
Early in January 2015, CCN carried the decision of a Kansas judge who allowed Butterfly Labs to resume operations so that it could refund all its customers for not delivering their machines, or for delivering machines that had already been premined. It appears that Butterfly Labs' problems may not be over just yet. A series of posts (which can be seen here, here, here and here) on Craigslist would seem to indicate that Butterfly Labs is selling their assets in what appears to be a fire sale. There is a reason to believe that all of the items on the Craigslist posts come from the....