Judge Considers Allowing Bitcoin Mining Company Butterfly Labs (BFL) to Reopen
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....
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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....
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.....
The FTC proceedings against troubled Bitcoin mining company Butterfly Labs (BFL) continue. In a document submitted today, the Court revealed its decision to continue the case without granting a preliminary injunction against BFL. The Court has formally denied the Plaintiff's request for a "preliminary injunction, asset freeze, appointment of a receiver, and other equitable relief." Previous reports of the court proceedings in Kansas had revealed that the presiding Judge Wimes may be interested in allowing BFL to reopen. Butterfly Labs was first shut down at the end of September when the....
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....
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....