Virginia Bitcoin mining operation ordered to liquidate belongings


BCause Mining, a Bitcoin (BTC) mining exercise within the metropolis of Virginia Seaside in the US, was ordered to liquidate its belongings.

In a October ninth article, Virginian-Pilot native information gross sales reported that the Bitcoin mining firm had filed for chapter earlier this yr. This week a federal decide permitted the movement to show the submitting of a reorganization right into a chapter 7 liquidation.

BCause Mining was instructed to liquidate its belongings, terminate its actions and lay off its 27 full-time and 4 part-time workers.

Reclaim $ 500,000 grant

The demolished mining firm obtained a $ 500,000 grant from town of Virginia Seaside in January 2018 to increase its enterprise to a domestically rented warehouse. BCause had promised to take a position greater than $ 60 million in an enormous enlargement, making it the biggest cryptocurrency mining operation in North America.

Virginia Seaside Municipal Spokeswoman, Julie Hill, mentioned town would now think about submitting a declare with a chapter courtroom in an effort to recoup a number of the cash it paid to the mining firm. The town of Virginia Seaside can be thought of an unsecured creditor, which implies that its declare is not going to be processed till all secured claims have been settled.

The blockchain voting app from West Virginia hacked by the coed?

Cointelegraph earlier reported that the Federal Bureau of Investigation (FBI) investigates whether or not a scholar from the College of Michigan has tried to hack the West Virginia voting app. The Secretary of State for West Virginia, Mac Warner, warned the FBI throughout an unsuccessful try to realize unauthorized entry to the Voatz voice app and mentioned the try exercise got here from IP addresses related to the College of Michigan.

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