The US Federal Trade Commission says it has reached a settlement with bitcoin mining firm Butterfly Labs after it sued the company in 2014.
New research from New York University uncovers how mining has changed from a solo activity to an industry dominated by powerful groups of miners.
Butterfly Labs has reopened for business, processing delayed shipments and refunds for select customers.
The FTC has secured court authority to begin converting Butterfly Labs’ bitcoin holdings into cash reserves.
Embattled mining hardware company Butterfly Labs has filed a court motion to dismiss a Federal Trade Commission complaint.
The FTC is allegedly evaluating a plan that could help put Butterfly Labs back in business.
The FTC has filed new documents in its case against Butterfly Labs, accusing it of mining using customer-purchased rigs.
FTC attorney Leah Frazier told CoinDesk that Butterfly Labs misrepresented itself when selling mining products.
The Federal Trade Commission has shut down Butterfly Labs after a lengthy investigation into claims of fraud.
Mining hardware manufacturer Butterfly Labs is accused of buying satirical blog Buttcoins.org to manage its online reputation.