Court Strikes Down FTC Request for More Butterfly Labs Oversight
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.....
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Butterfly Labs argued successfully in court yesterday that the order to remain closed had irreparably harmed their company, convincing the Judge to agree to allow them to continue operations under court oversight. The company, which produces Bitcoin mining equipment, was closed down in September after allegations that it had failed to deliver products on time to its customers and that it had used their customer’s equipment to profit from mining. "The Butterfly Labs web site pages attached to (the FTC complaint) instead show a pattern of consistently updated shipping projections,....
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....
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....
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....
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