29 Jan '15, 7pm

FTC Complaints Detail Troubled Past of Bankrupt Bitcoin Miner CoinTerra

“I feel like I [was] cheated.” The statement is just an excerpt from one of the 39 formal complaints filed with the US Federal Trade Commission (FTC) against now-bankrupt bitcoin mining company CoinTerra and revealed in a new Freedom of Information Act (FOIA ) request. The 39 complaints are a far cry from nearly 300 complaints lodged against competitor Butterfly Labs before it was temporarily shut down by the FTC in September. However, the complaints paint a detailed picture of the frustrations long faced by CoinTerra customers. The full complaints, which were received with personal information redacted, showcase the breadth of customer accusations that CoinTerra failed to meet advertised shipping dates, build hardware to the desired specifications or issue refunds in a timely manner. One customer complaint reads: “On 12/1/2013 I purchased a computing unit for a total of $...

Full article: http://www.coindesk.com/ftc-complaints-bankrupt-bitcoin-m...

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