BCause Mining, a Bitcoin (BTC) mining operation within the metropolis of Virginia Beach within the United States, was ordered to liquidate its property.
In an Oct. 9 article, native information outlet the Virginian-Pilot reported that the Bitcoin mining firm filed for chapter earlier this 12 months. This week, a federal decide authorised the movement to transform the submitting from a reorganization to a chapter 7 liquidation.
BCause Mining was ordered to liquidate its property, shut down its operations and lay off its 27 full-time and 4 part-time employees.
Recoup $500,000 grant
The now-defunct mining firm obtained a $500,000 grant in January 2019 from the town of Virginia Beach to develop its operations to an area rented warehouse. BCause had pledged to take a position greater than $60 million in a large growth, which might have made it the most important cryptocurrency mining operation in North America.
Virginia Beach municipal spokeswoman Julie Hill mentioned that the town will now think about submitting a declare in chapter courtroom in an try and recoup among the cash it paid out to the mining firm. The metropolis of Virginia Beach could be thought of an unsecured creditor, which signifies that its declare will solely be addressed as soon as all of the secured claims are handled.
West Virginia’s blockchain voting app hacked by pupil?
Cointelegraph beforehand reported that the Federal Bureau of Investigation (FBI) is investigating whether or not a pupil on the University of Michigan tried to hack the West Virginia’s voting app. West Virginia’s Secretary of State, Mac Warner, alerted the FBI throughout an unsuccessful try to realize unauthorized entry to the Voatz voting app and mentioned that the exercise of the try got here from IP addresses linked to the University of Michigan.
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