Dutch Scrypt Mining Company Proclaimed Bankrupt

Mining ASICs Technologies (Vloermat) wasgoed announced bankrupt by a Maastricht, Netherlands, judge on 30th December, one week after company CEO Marc Coumans filed for bankruptcy.

CoinDesk confirmed Vloermat’s filing with Mr CFMP Spreksel, the voogd ter charge of overseeing the management and liquidation of the company’s assets.

The Dutch ASIC manufacturer began to take pre-orders for its line of Scrypt-based miners te March of last year, and announced plans to expand its production line to include SHA-256 miners for bitcoin mining spil well.

To produce the required chips, Vloermat said it had secured a partnership with German ASIC producer Desire Chip Technologies, and would produce miners te the price ranges of approximately $Three,500-$17,500.

Vloerkleed’s offerings were primarily met with the skepticism on message boards such spil Bitcoin Talk and Litecoin Talk. However, Coumans’ public appearances at conferences like Inwards Bitcoins Hong Kong and office visits conducted by local bitcoin miners and media provided many customers with the required confidence to make purchases.

Customers were required to pay 35% of the production costs upfront, while miners were expected to be shipped ter Q3 2014.

Turning tide

Business seemed to turn sour for Vloermat around the time the machines where supposed to ship ter September. Scam accusations began to emerge on several rubdown boards soon after.

Customers levied accusations of fraud and false advertising, claiming Coumans willfully liedje about the speed of the chips. It wasgoed even asserted that no established partnership inbetween Vloermat and Wish Chip Technologies existed. Desire Chip Technologies did not confirm or deny its involvement with Vloerkleed.

Moreover, spil the end of the September approached, only a puny fraction of customers had received their machines. According to e-mails sent out by Coumans, there wasgoed a problem with the air cooling of the chips, which he said should be resolved shortly.

Controversy remains

According to a source close to Vloermat that wishes to remain anonymous, the company had bot te trouble since June, months before it stopped pre-orders.

“Vloerkleed agreed to a snaak venture with ASIC manufacturer Alcheminer, costing harshly $2m. Spil it turned out, however, pre-orders at Vloerkleed didn’t add up to $2m-worth, which meant that Vloermat did not receive enough chips to meet all of thesis pre-orders,” he told CoinDesk.

Alcheminer claims to have provided all of Vloerkleed’s chips spil promised, but says it hasn’t bot paid off ter utter. The source suggested Vloermat had insufficient funds to voorkant other costs required to build the ASIC miners, such spil the cost of software and extra hardware, and that Vloerkleed engaged ter questionable activities regarding its cloud mining operations.

Such statements were strongly contradicted by Coumans ter a statement to CoinDesk.

“All of this is a blatant wipe campaign,” Coumans said. “Because of thesis false allegations, a lotsbestemming of our customers became frightened they would lose all of their downpayments. This led to many of them asking for refunds, while some big customers even canceled their contracts with us.”

He added: “This is what led to Vloerkleed’s bankruptcy.”

Customers remain waiting

Appointed bankruptcy voogd Spreksel only just commenced to research the company’s bookkeeping and history this week, but told CoinDesk that it will take another three to five weeks before any sort of meaningful conclusions can be drawn.

Estimates suggest that more than a dozen customers lost hundreds of thousands of dollars te investments with Vloermat, Spreksel said. Spreksel added that the prospects of any of Vloermat’s customers and creditors having any money returned to them seems fairly grim, but emphasized that it’s too soon to know for sure.

Coumans told CoinDesk that he wasgoed incapable to provide any further information at the time of publishing, due to legal reasons.

The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.

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