Bitcoin Mining Company Butterfly Labs (BFL) Reopens: Starts Issuing Refunds
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....
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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....
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....
UPDATE: Butterfly Labs has issued an official comment, which can be found in its entirety below this article. The tale of Butterfly Labs may finally be drawing to a close. After unconfirmed weekend rumors that the federal authorities had raided Butterfly Labs' headquarters, the FTC has requested and was granted an injunction, preventing Butterfly Labs from selling anymore hardware while also freezing its assets pending the investigation. “Butterfly Labs is disappointed in the heavy-handed actions of the Federal Trade Commission. In a rush to judgment, the FTC has acted as judge, jury and....
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....
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....