Bitcoin miner, Blockware, sued for deception and fraud

London-based private firm, Face & Co Ltd has filed a lawsuit against bitcoin (btc) Minor firm, Blockware Solutions LLC.

Faes, in a lawsuit filed in the North US District Court of Illinois, accuses Blockware of “breach of contract, negligence, deceptive trade practices and fraud.”

The law firm also argues that the miners purchased $525,000 worth of services from Blockware. In their contracts, they agreed that the bitcoin miner would host the equipment on “servers” they allegedly owned, in exchange for “monthly hosting and energy fees.”

However, while the two companies reached an agreement, Blockware “does not own” any server facilities. trial, Instead, Faes believes that the mining firm used “third party facilities” to host the miners.

“As a result, Faes miners under the management and control of Blockware have experienced prolonged periods of downtime and inefficiency due to power outages, resulting in significant loss of revenue,” a lawsuit document filed on Dec. 17 reads in part. Is.

According to Plaintiffs, Faes & Co. Seeks compensatory fees, claiming damages of up to $250,000.

Blockware CEO Mason Zappa did not respond to a request for comment regarding the latest allegations from Crypto.News.

Meanwhile, Russia Had Crypto Mining Bill late As the country’s parliament cites “capital flight risk”. The latest delay comes as the bitcoin hash rate fell by 35% on December 25.

BTC mining hash rate has reportedly dropped from 237 EH/s – the prior hash – to 156 EH/s.

While data shows that the bitcoin mining difficulty rate has finally dropped, one of the largest crypto mining firms, called Core Scientific, filed for Chapter 11 bankruptcy protection last week. The filing came while the miner was still generating a positive cash flow that was not enough to repay the company’s debts.

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