US Government Shuts Down Embattled Mining Firm Butterfly Labs
Mining hardware maker Butterfly Labs has been shut down by the US Federal Trade Commission (FTC), which accused the embattled company of fraud and public misrepresentation. On 18th September, the agency was granted permission by the US District Court for the Western District of Missouri to freeze Butterfly Labs' assets and close the company pending trial, according to documents released by the FTC. The move comes months after customers began sending complaints to the federal agency, a process that produced nearly 300 filings accusing the company of delaying shipments and refund payments.....
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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....
Embattled bitcoin mining manufacturer Butterfly Labs has announced that it will resume limited business operations following discussions with the Federal Trade Commission (FTC). The Missouri-based company will not be allowed to serve new consumers when it reopens, and will be restricted to fulfilling existing customer orders. Butterfly Labs further confirmed it will remain under the direction of a court-appointed receiver who will oversee the business. Butterfly Labs suggested that it aims to use this opportunity to rebuild its market perception, which it acknowledged has been impacted by....
Butterfly Labs, a failed Bitcoin miner manufacturer, has been shut down by the Federal Trade Commission. According to a statement published on the regulator's website, the FTC shut down Butterfly Labs pursuant to a court order obtained from a court in the Western District of Missouri. Also read "We need to talk about Butterfly Labs". This past week, the FTC slapped Butterfly Labs, a Kansas bitcoin miner manufacturer, with a lawsuit. In the civil lawsuit, the FTC found that Butterfly Labs had contravened section 5(a) of the FTC Act by engaging in "unfair or deceptive business practices in....
The US Federal Trade Commission (FTC) has announced that it has reached a settlement with bitcoin mining hardware maker Butterfly Labs after it sued the firm in 2014. At the time, the FTC accused Butterfly Labs of deceptive business practices related to the development and sale of bitcoin mining equipment, as well as the receipt of customer funds for product preorders. The agency said today that it has settled charges filed against Butterfly Labs and two of its officers: vice president of product development Sonny Vleisides, who has an ownership stake in the firm, and general manager Darla....