Operators of Bitcoin Mining Operation Butterfly Labs Agree to Settle FTC Charges They Deceived Consumers
Washington, DC - Butterfly Labs and two of its operators have agreed to settle Federal Trade Commission charges that they deceived thousands of consumers about the availability, profitability, and newness of machines designed to mine the virtual currency known as Bitcoin, and that they unfairly kept consumers’ up-front payments despite failing to deliver the machines as promised.
Under the terms of the settlements, Butterfly Labs and its part-owner and vice president of product development, Sonny Vleisides, and its general manager, Darla Drake, will be prohibited from misrepresenting to consumers whether a product or service can be used to generate Bitcoins or any other virtual currency, on what date a consumer will receive the product or service, and whether the product is new or used. The settlements also include monetary judgments that are partially suspended due to the defendants’ inability to pay.
“Even in the fast-moving world of virtual currencies like Bitcoin, companies can’t deceive people about their products,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “These settlements will prevent the defendants from misleading consumers.”
http://www.imperialvalleynews.com/index.php/news/latest-news/7772-operators-of-bitcoin-mining-operation-butterfly-labs-agree-to-settle-ftc-charges-they-deceived-consumers.html
Topic: [2016-02-18]Operators of Bitcoin Mining Operation Butterfly Labs Agree to Settle (Read 395 times)
February 18, 2016, 06:16:51 PM
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