Data Center Operator Sues CoinTerra for $5.4 Million in Damages
This piece has been updated with a statement from CoinTerra regarding the lawsuit filed by C7. CoinTerra is being sued by a Utah data center operator for alleged breach of contract and $1.4m in unpaid services. In court documents, C7 Data Centers alleges that former partner CoinTerra acted in bad faith by intentionally underpaying for services and demonstrating a pattern of late repayment. In total, C7 is seeking $5.4m in damages, court fees and related charges. The court filings follow unconfirmed reports that CoinTerra is seeking to resolve problems with unknown senior debt holders.....
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Bitcoin mining company CoinTerra has filed for bankruptcy. CoinTerra has between $10m and $50m in assets, with liabilities within the same range, according to court documents. The firm has filed for Chapter 7 bankruptcy protection, meaning it is likely to liquidate all assets in its bid to repay secured creditors. CoinTerra stated that it would be unable to repay unsecured investors and named hundreds of creditors in its filing, which was submitted on 24th January. The move comes soon after CoinTerra became the target of a lawsuit launched by C7 Data Centers, a data center colocation....
C7 Data Centers in Utah is suing CoinTerra for unpaid services and breach of contract. CoinTerra recently made news when due to an alleged debt it issued a message to its users saying that for the time being they would be unable to issue any payments. As their website remained fully functional, many customers looked at the message with a questioning eye. Now it appears as if things have taken an even greater turn downhill. C7, at one time a loyal and prominent business partner, is alleging that CoinTerra purposely underpaid for services and was continuously late in its repayment schedule.....
CoinTerra's Ravi Iyengar. CoinTerra today announced the immediate deployment of their state-of-the-art tier-3 compliant datacenter. From this data center, CoinTerra plans to offer Bitcoin mining contracts to individuals around the world whom are unable to mine in their own homes due to constraints with mining hardware imports, high electricity costs, or nagging wives. They are offering contracts as small as 12 months at 200 GH/s for $999 all the way up to 24 months at 1 PH/s. According to Dr. Timo Hanke, CTO of CoinTerra, Inc., CoinTerra has a distinct advantage over its competitors:....
The New York City Bitcoin Center on 40 Broad Street - just one hundred feet away from the New York Stock Exchange - is more than just home to bitcoin-related events now. The center is entering the world of retail. Yes, retail. The organization today announced that they'll be serving as a the sole retail location for CoinTerra's TerraMiner IV device in a partnership that will allow New Yorkers to easily pick up a miner (provided they have the money to pay for it, of course). "We are delighted that CoinTerra, America's leading Bitcoin mining hardware company, has chosen Bitcoin Center NYC,....
Following a string of recent problems including massive debts, the inability to pay customers, and a $5 million lawsuit from C7 Data Centers, bitcoin mining company CoinTerra has filed chapter 7 bankruptcy in a likely move to avoid any additional payouts. The bankruptcy was filed on January 24th, and the company has stated that it would be unable to pay several unsecured investors. CoinTerra is also listing hundreds of creditors in its filing, some of which are US-based bank Wells Fargo and CenturyLink, a data services provider that entered into an agreement with CoinTerra in July of last....