ASIC Manufacturer HashFast Faces Legal Action From Bitcoin Miners
ASIC manufacturer HashFast is facing serious allegations from bitcoin miners who placed orders for its Baby Jet mining rigs, which have since failed to arrive. Consequently, some of the miners affected are planning to take the company to court, according to ExtremeTech. However, the issue is more complicated than it first appears, and the miners may be facing an uphill struggle. At the root of the dispute was HashFast's pledge to begin shipping between 20th and 30th October 2013. In the original Terms of Service (TOS), the company also told customers that they would be eligible for a full....
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On June 7th, a US bankruptcy court granted HashFast a court ruling allowing it to enter Chapter 11 bankruptcy. HashFast had previously been faced with legal action and increasingly valid comparisons to fellow Bitcoin mining ASIC manufacturer Butterfly Labs (BFL). Just 3 months ago, I was standing at HashFast's booth at the Texas Bitcoin Conference looking at a hashing machine, an honor many paying customers seem to have been denied. Things change in an expedited manner when it comes to the world of Bitcoin. In May, HashFast announced that it would "refocus" while letting nonessential (50%....
One ASIC manufacturer is facing some real legal troubles because customers never received the Bitcoin mining rigs they ordered. HashFast, maker of the Baby Jet mining rigs, failed to deliver on customers’ orders, and now some customers are planning to take the company to court. As we reported back in September, HashFast made some pretty strong guarantees. Among these was the promise of a full refund on orders not delivered by the end of December. From the company’s terms of service: “HashFast guarantees that all ‘Baby Jet’ units from our first production batch will be delivered by 31st....
Bitcoin mining hardware manufacturer HashFast is just one hearing away from being forced into involuntary Chapter 7 bankruptcy. The company is currently entangled in a number of disputes with customers demanding shipment of various bitcoin miners, including mining company Liquidbits. Liquidbits is taking action over the company's failure to fulfil a $6m order and has petitioned a San Francisco court to appoint a Chapter 7 bankruptcy trustee. As a result, the court has agreed to hold an emergency hearing today. If the petition is granted, HashFast could be forced into involuntary bankruptcy....
Bitcoin mining hardware manufacturer HashFast has formally entered Chapter 11 bankruptcy following a court ruling. The US bankruptcy court granted the company's request on 7th June after it filed for bankruptcy protection two days earlier. The move closes a turbulent chapter in HashFast's history, nearly a month after laying off half of its workforce and publicly denying that it was filing for bankruptcy. According to a 10th June blog post, the company is now in the process of reorganizing under Chapter 11. Most notably, CEO Eduardo DeCastro has resigned from his position as part of a....
HashFast, a mining company which once boasted that its hardware is "... the fastest Bitcoin Mining ASIC in the world. Period," was granted permission last Wednesday to liquidate its remaining assets. Officially, HashFast is bankrupt and owes investors from around the world a sum close to $40M. The ruling could be one of the most sardonic "wins" for a bitcoin company in court thus far. In the months leading up to the California judge's ruling, HashFast was beset by a number of legal accusations. The list includes breach of contract, fraud, and an involuntary bankruptcy petition. For....