CoinLab's Alydian files for bankruptcy and reveals debt of over $3.6 Million
CoinLab's first incubator company Alydian has filed for bankruptcy after only launching three months ago. The company, which enables people to mine bitcoins without having to operate their own mining equipment, filed for Chapter 11 protection in US bankruptcy court in Seattle on Friday, according to the Wall Street Journal. The bankruptcy petition, which was signed by CoinLab CEO Peter Vessenes, states that Alydian has less than $50,000 in assets. Also, the company owes $600,000 to CoinLab, $3m to New Zealand's XRay Holdings LLC and $40,000 to Vessenes. Alydian. Back in early August,....
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Bitcoin business incubator CoinLab has been ordered by a court in New York to pay BitInvestment LLC in bitcoin on the grounds of breach of contract. In a lawsuit file last week, BitInvestment alleged that CoinLab failed to come through with approximately 8,000 BTC in an arrangement made in August. Judge Robert W. Sweet demanded CoinLab not transmit bitcoin to any other parties except BitInvestment, until their financial obligation under the agreement was met. CoinLab head honcho Peter Vessenes said, "of course we will comply (with the judge's order) as well as we're able," in an email to....
Enterprise-scale bitcoin mining company Alydian, the CoinLab-backed company that filed for bankruptcy in November, has revealed that it will sell its bitcoin mining systems in the runup to its eventual shutdown. The Seattle-based company has since settled with all of its creditors, and the sale marks the end for what was CoinLab's first startup launched in August of last year. Alydian director of engineering, Robert Batten, indicated that the company is now accepting bids for three mining systems with a combined 218TH/s output, for $5,000/TH to interested buyers. Batten said that though....
Washington-based and now defunct company Alydian (a CoinLab project) is seeking to take offers on 36 mining rigs in three data centers they were hoping to use in their operation before things went south. The company went out of business due to excessive debts, which is estimated to be in the neighborhood of $4 million. When bitcoin mining difficulty went up, the company found itself struggling - dealing with equipment less powerful than that of competitors. Alydian officials haven't said what they're looking to sell for, but according to the Wall Street Journal, was told that they "may be....
Mt. Gox is officially filing for bankruptcy protection with an outstanding debt of ¥6.5bn ($63.6m), finally admitting openly that 750,000 of its customers' bitcoins and 100,000 of the company's own have been lost. The exchange's lawyer announced the news during a conference at the Tokyo District Court late on Friday afternoon, Japan time. CEO Mark Karpeles, wearing a suit and tie, bowed deeply in the tradition of disgraced Japanese business leaders fronting the media. Subtitles read: "The 750,000 bitcoins we kept for users, (37,000 million yen), almost all gone." The 850,000 BTC loss....
Still waiting for that BFL MiniRig? In a little under a week, serious miners will be able to host Terahashes of ASIC mining power from Oregon-based Alydian - but only in large quantities. The Californian company is preparing to host ASIC mining equipment for its customers, using yearly contracts. Its launch day pricing was $65,000 per Terahash, and mining hosting contracts are only available in 5 and 10 Th/sec blocks. So, if you're thinking of running a miner in your basement, you are not its target market. Alydian will be going after institutional-level investors that want to move large....