BCause Mining, a Bitcoin (BTC) mining operation in the metropolis of Virginia Seashore in the United States, was requested to liquidate its assets.
In an Oct. 9 post, nearby information outlet the Virginian-Pilot claimed that the Bitcoin mining corporation filed for personal bankruptcy earlier this calendar year. This 7 days, a federal judge authorised the motion to convert the filing from a reorganization to a chapter 7 liquidation.
BCause Mining was requested to liquidate its belongings, shut down its functions and lay off its 27 whole-time and 4 part-time personnel.
Recoup $500,000 grant
The now-defunct mining firm acquired a $500,000 grant in January 2018 from the metropolis of Virginia Beach to develop its operations to a area rented warehouse. BCause had pledged to make investments more than $60 million in a substantial enlargement, which would have built it the biggest cryptocurrency mining operation in North The united states.
Virginia Seaside municipal spokeswoman Julie Hill reported that the city will now take into account submitting a declare in individual bankruptcy court in an endeavor to recoup some of the income it paid out to the mining corporation. The city of Virginia Seaside would be viewed as an unsecured creditor, which suggests that its assert will only be tackled at the time all the secured statements are dealt with.
West Virginia’s blockchain voting application hacked by scholar?
Cointelegraph beforehand described that the Federal Bureau of Investigation (FBI) is investigating irrespective of whether a college student at the College of Michigan tried to hack the West Virginia’s voting application. West Virginia’s Secretary of Condition, Mac Warner, alerted the FBI throughout an unsuccessful attempt to achieve unauthorized accessibility to the Voatz voting application and mentioned that the exercise of the try arrived from IP addresses joined to the University of Michigan.