IT’s All Over: Bitcoin Miner Maker HashFast to Auction Remaining Assets
A federal bankruptcy judge has approved the auction of nearly all of HashFast’s remaining assets, putting the company out of business for good. According to court records, HashFast owes over $40 million to creditors primarily in the United States, but also to some customers in Europe, Russia, India, New Zealand, Australia, and Canada.
Last Wednesday, US Bankruptcy Judge Dennis Montali granted the company’s request to sell thousands of its chips, wafers, mining boards, cooling fans, and older models of its miners. In addition, bidders will also be able to buy “claims and causes of action against Simon Barber, co-founder and Chief Technology Officer of the Debtors, including preference, fraudulent transfer, and breach of fiduciary duty claims.” The court documents did not say what, if anything, would become of the company’s holdings in bitcoins.
Over the last several months, the San Francisco startup, which makes Bitcoin mining hardware, has been faced with an increasing number of lawsuit and arbitration claims.