Quote
Israeli bitcoin mining equipment developer Spondoolies-Tech, a prominent bitcoin hardware manufacturer in recent years has, in a surprising announcement, revealed that it has shut down operations this month.
...According to a report from Finance Magnates , seven employees from Spondoolies requested an Israeli court to dissolve the company after being notified that the company could no longer afford to retain them, whilst denying their last salary settlement. Spondoolies suffered from a lack of creditors, despite the recent investment by BTCS which wasn’t enough.
The employees also sought the court to appoint a temporary liquidator in the hopes of finding a new investor or, alternatively, an acquisition of the firm or parts of it.
The reason cited in the report for the change of fortunes for the bitcoin mining hardware firm is competition with China-based bitcoin hardware developers, ultimately proving to be a curtain call for Spondoolies-Tech.
...According to a report from Finance Magnates , seven employees from Spondoolies requested an Israeli court to dissolve the company after being notified that the company could no longer afford to retain them, whilst denying their last salary settlement. Spondoolies suffered from a lack of creditors, despite the recent investment by BTCS which wasn’t enough.
The employees also sought the court to appoint a temporary liquidator in the hopes of finding a new investor or, alternatively, an acquisition of the firm or parts of it.
The reason cited in the report for the change of fortunes for the bitcoin mining hardware firm is competition with China-based bitcoin hardware developers, ultimately proving to be a curtain call for Spondoolies-Tech.