Butterfly Labs management has decided to settle with the Trade Commission for partially suspended monetary judgments. This means at the time the three cannot pay the settlement fees which are for over $38 million dollars. Vleisides’ and BFL must pay $19,000 to have the court judgments suspended for a period of time. The FTC says, “ the judgments were suspended based on the defendant’s ... Butterfly Labs subsequently alleged that the FTC overreached in its decision to close the company’s operations, suggesting it was in the process of issuing customer refunds – though these ... Later in the same year another bitcoin mining hardware company, Butterfly Labs, was also facing problems. At the request of the Federal Trade Commission (FTC), a federal court shut down Butterfly ... Butterfly Labs says it is continuing to process customer refunds, but there is no mention of the settlement being voided if they don’t make a good faith effort in fulfilling them. Regulators and those who welcome them have sold regulation as something that will protect customers and help build Bitcoin’s reputation. “It appears the FTC has decided to go to war on bitcoin overall and is starting with Butterfly Labs. Butterfly Labs is being portrayed by the FTC as a bogus and fake company. To the contrary, Butterfly Labs is very real. As pointed out in court filings Butterfly Labs made last night, Butterfly Labs has shipped more than $33 million in products to customers and voluntarily granted refunds ... Butterfly Labs has a refund policy for customers who are fed up waiting but, nevertheless, the bitcoin forums are buzzing with irritated buyers. The ASIC business had started promisingly for ... Butterfly Labs has resumed shipping of their Monarch hardware for those customers still interested. Considering how out dated the 700 GH/s device is, with 2nd generation products from their competitors delivering almost 10 times the hash rate, it is doubtful that many customers will be interested in receiving hardware that’s unlikely to even cover the electricity costs needed to power it.
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