Butterfly Labs Issues Statement on FTC Hearing in U. S. District Court
The drama involving Butterfly Labs continues, it appears. And while the Federal Trade Commission (FTC) has sought to put the Kansas-based company out of operation through an injunction, it would seem the Butterfly Labs will continue coasting along for a bit longer. A Stipulated Interim Order was entered today by the United States District for the Western District of Missouri, allowing the bitcoin mining hardware manufacturer to unlock their doors and continue working. The company, which produces miners like the Monarch and Jalapeño, issued the following statement Thursday (sent to us by....
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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....
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.....
A US District Court has denied a request filed by the Federal Trade Commission (FTC) that would have seen Butterfly Labs continue to operate only in a limited capacity under court direction. Butterfly Labs will now be allowed to resume business, though it will need to report information about its revived operations periodically to the court. However, it will notably no longer need a court-appointed FTC receiver for the duration of its ongoing litigation. The FTC receiver had previously been granted the ability to manage and administer the company's finances, among other responsibilities.....
Butterfly Labs has resumed shipping its Monarch hardware and issuing bitcoin refunds to select customers. The embattled bitcoin mining company issued a statement earlier this week via its website and redesigned the platform to offer services to customers whose orders have not been fulfilled. The update follows Butterfly Labs' recent legal win against the US Federal Trade Commission (FTC) on 15th December when a US District Court rejected a request by the FTC for an injunction, asset freeze and appointment of a receiver. Following the ruling, BFL was free to resume business. However, the....
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....