Butterfly Labs Seeks Government Approval to Reopen Business
Attorneys for the Federal Trade Commission (FTC) and Butterfly Labs are allegedly holding talks that could lead to a possible reopening of the troubled bitcoin mining business. The conversation, while still in its early stages, may allow Butterfly Labs to exit its previously announced court-ordered shutdown, The Kansas City Star reported. Butterfly Labs was placed in temporary receivership by a US judge last week, a condition that was extended during a hearing on Monday when prosecutors made the case that both the company and its employees effectively profited at the expense of customers.....
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According to BizJournal coverage of the Butterfly Labs (BFL) FTC case, federal Judge Mark Wimes may be considering allowing the tainted Bitcoin mining company to reopen its doors in an attempt to make money to pay back customers from around the world. Butterfly Labs has been notorious in the Bitcoin mining space for failing to deliver on its promises, due to intentional and malicious business practices, according to the FTC. The FTC first shut down Butterfly Labs in September of 2014. Butterfly Labs' lawyer, Jim Humphrey of Polsinelli PC, emphasized to the judge that BFL had been fully....
Infamous Bitcoin mining company Butterfly Labs (BFL) has reopened and has an updated website following their tussle with the FTC. The FTC started investigating Butterfly Labs in late 2014 because "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." BFL would regularly mine on customers' hardware for days before finally shipping it out. Also read: Judge Considers Allowing Bitcoin Mining Company Butterfly Labs (BFL) to Reopen. Butterfly Labs (BFL) Reopens. The....
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
Between predictions of a difficulty drop and the recent legal maelstrom surrounding Butterfly Labs, you might think that it was all bad news in the mining community. However, those who have been active in this market segment for long enough know it would take more these events to stop miners from hashing. Read on to learn more about some of the latest happenings in the bitcoin mining world. FTC pleased with Butterfly Labs reopening. The US Federal Trade Commission (FTC) has agreed to allow troubled bitcoin mining hardware company Butterfly Labs to reopen for business, albeit in a limited....
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....