Bitcoin Mining Company HashFast Bankruptcy Auction Announced
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....
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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....
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%....
Bitcoin mining hardware manufacturer HashFast has avoided being forced into involuntary Chapter 7 bankruptcy proceedings by signing a deal with its creditors. Under the deal, signed in a federal bankruptcy court in San Francisco, HashFast will commit to an accelerated restructuring in order to meet its obligations. Mining company Liquidbits sought court approval last week for HashFast to enter an involuntary bankruptcy in order to recoup funds lost after HashFast failed to deliver on a $6m order. Ars Techina reported that HashFast is now able to resume part of its business. However, the....
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....
There's been a lot of talk lately surround bitcoin mining outfit HashFast Technologies and their financial troubles. The company's CEO previously told Ars Technica that they were "as poor as church mice," and fired half of its staff to cut costs. We're now learning that following a two-day hearing in a U. S. Bankruptcy Court in San Francisco, California, HashFast and its creditors have come to a temporary agreement that will allow the company to resume business (in a limited fashion) as opposed to having the court appoint a trustee that would liquidate company assets in an involuntary....