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Court Order: Butterfly Labs Bitcoins To Be Sold

Posted by timothy on Tuesday November 4, 2014 @05:21AM from the now-there's-a-flap dept.

MrBingoBoingo writes In a new development in the case against Butterfly Labs, the court overseeing the case has ordered bitcoins held by Butterfly Labs to be turned over to the court-appointed temporary receiver. The order also gives the receiver authorization to convert the bitcoins "to cash on a systematic and reasoned basis." The justification for this measure is at least to ostensibly create reserves with which refunds for Butterfly Labs' customers may be paid.

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Re:So ... WTF is it? by tyggna · 2014-11-04 05:33 · Score: 3, Informative

They were a circuit board and IC provider that specialized in bitcoin mining hardware.
Re:So ... WTF is it? by jythie · 2014-11-04 05:35 · Score: 4, Informative

They were one of the early companies making ASIC Bitcoin rigs and had a bit of a reputation for long delayed delivery, often to the point the rigs could not make the money back.