CoinTerra CEO: Company 'Frozen' Amid Lawsuits and Default
Following a lengthy silence in the media, CoinTerra CEO Ravi Iyengar has emerged on the offensive, seeking to clarify the current state of his bitcoin mining firm, one that has recently been rocked by questions about its solvency. Speaking to CoinDesk as part of a new interview, Iyengar confirmed that the Austin-based bitcoin mining company is in default, and it is currently awaiting a decision from its secured note holders. CoinTerra is in default on roughly $4.25m-worth of secured notes, according to Iyengar. The admission comes days after the firm became the target of a lawsuit filed by....
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Bitcoin mining hardware firm CoinTerra has been the subject of speculation this week, as emails purportedly sent by the company to customers of its cloud mining service suggest the firm has defaulted on debt obligations. The email, signed by a representative of the CoinTerra support staff, claims that the firm is no longer capable of making payouts to customers. The message reads: "The company has defaulted on its secured notes. The note holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the note....
Bitcoin mining firm CoinTerra has put many of its customers on edge. While the company website is remaining operational, many users are receiving emails that the firm is unable to issue any payments following a default on its "secured notes," an alleged form of debt. A Reddit user posted a copy of the email online: "The company has defaulted on its secured notes. The note holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the note holders. However, at this point we do not know how they are going to react....
CoinTerra has just announced its official launch and, with this, is cutting the price of its TerraMiner IV product from $15,750 to $13,999. This is a 28nm design that is claimed to achieve 2 TH/sec. Tuur Demeester, an investment expert and investor in CoinTerra, told us the company has done this in response to "signals" from bitcoin miners. Further feedback from miners led CoinTerra to begin working on lower price mining devices in addition to the TerraMiner IV. We asked CoinTerra CEO, Ravi Iyengar, about the lower-cost devices, but details were not forthcoming: "We will be announcing the....
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....
Bitcoin mining hardware producer CoinTerra has moved to reassure customers after it emerged a number of complaints about the company have been lodged with the Better Business Bureau (BBB). Some 11 complaints relating to CoinTerra have been closed with the BBB in the last 12 months. Two of these related to advertising and sales issues, one related to guarantee and warranty issues and eight related to problems with the company's products or service. The BBB is a private entity, not a government agency, which aims to improve trust between consumers and businesses. Complaints are closed when....