31 Mar '17, 8pm

Bitcoin Mining Fraud Lawsuit Moves Forward in New Jersey

A federal lawsuit filed by investors of a US-based bitcoin mining operation is moving ahead after months of little movement. In mid-2014, investors in Lab Rat Data Processing alleged breach of contract, misrepresentation and fraud against the mining operation and its owner, Zachary Dailey. Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, with miners racing for the chance to mint new bitcoins as a reward. The ten plaintiffs alleged losses of over 2,000 bitcoins, an amount worth more than $2m at press time. Yet they hit a roadblock last year, after US District Judge Joseph Rodriguez questioned whether the New Jersey court actually had jurisdiction in the matter. As reported at the time by the New Jersey Law Journal , the judge focused on the question of whether mining contracts sold by Lab Rat constituted "bonds" as argued ...

Full article: http://www.coindesk.com/bitcoin-mining-fraud-lawsuit-move...

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via @BTCTN

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thefinance.sg 30 Mar '17, 11pm

This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any ...

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