Such countries appear to be basing this decision on economic reliance, rather than from the point of siding with geopolitical stances like sovereignty. India’s central bank is also in beginning talks with Russian banks to form a rupee-ruble exchange agreement that would enable India to purchase exports, namely oil and gas, without running into currently defined U.N. South Korea and Japan have enacted sanctions in chorus with the U.N. resolution to condemn Russia, notably China (who also just signed a 30-year trade deal for Russian fossil fuels), India, and Pakistan. Key APAC countries have declined to include themselves in the U.N. Since our last article on the war in Ukraine, Russia is now firmly among the most sanctioned countries in the world, counting over 5,500 formal actions against its economy putting the nation on par with Iran, Syria, North Korea, and Venezuela. Sanctions on people and organizations with Russian links continue to expand in depth and breadth, but the underlying assumption of these punishments are being put to the test do these oligarchs and their businesses, who if stripped of their Western rights and wealth, not only have the desire but even the capacity to influence Putin in any meaningful way? To put this dynamic in some context, less than 0.001% of Russian people have roughly the same amount of wealth as the remaining 99.8% of adult Russian residents. There has now been over 40 days of war and absolute horror in Ukraine.
#Bitsafe hardware wallet series#
Images from Butterfly Labs and Shutterstock.This is part two ( Read Part One: Tragedy and Conflict Heralds a Schism in Global Payments) of an ongoing series focused on the financial and payments-related repercussions of the invasion of Ukraine by the Russian military. There are scattered reports of BFL customers receiving their bitcoin refunds from BFL starting this week. However, since BitSafe’s concept launch (no hardware yet exists as far as we can tell) many actual Bitcoin hardware wallets such as Trezor and Ledger have come to fruition, while others such as Case are on the way.
Previous BFL customers have the option of “upgrading” to cloud mining contracts or receiving refunds or hardware, which is not living up to promised performance specifications.īFL’s new site also seems to indicate that BFL is still looking to develop the BitSafe, perhaps their most well-received business idea ever. Butterfly Labs presumably has a lot of lost revenue to make up for given the hiatus on operation during the FTC investigation. Because the cost of the Temporary Receivership and our legal defense against the FTC have consumed a substantial portion of our cash reserves, we anticipate being able to resume cash refund and rebate payments in late January or February.īesides refunds, Butterfly Labs is also now offering “heavily discounted” cloud mining contracts, presumably with whatever hardware that they have remaining, to maintain some semblance of customer retention. We anticipate being able to start paying refunds in bitcoin in January. We will resume paying refunds and rebates as soon as we’re operationally ready. Refund and rebate payments will be processed in the order received (including those on hold during the FTC action). We will notify any customers with orders ready for shipment to select whether they would prefer to take delivery of equipment or submit a request for a refund (see important details below regarding refunds). Butterfly Labs is trying to ship out items, but is also instituting a new refund system that is favorable to users, likely at the behest of the FTC.
#Bitsafe hardware wallet full#
However, after more than three months of closure or severely limited operations we need to assess the status of all aspects of our business and determine the damage caused we ask that you please be patient as we restart full operations and try to mitigate the impact of the shutdown.īutterfly Labs has started shipping their Monarch ASIC Bitcoin miner to customers that are still interested in receiving it. We remain as committed as ever to serving you, our customer, to the best of our capabilities going forward.
The Butterfly Labs’ website now displays these messages describing their plans: The FTC started investigating Butterfly Labs in late 2014 because “consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants never provide them with the machines or services.” BFL would regularly mine on customers’ hardware for days before finally shipping it out.Īlso read: Judge Considers Allowing Bitcoin Mining Company Butterfly Labs (BFL) to Reopen Butterfly Labs (BFL) Reopens
Infamous Bitcoin mining company Butterfly Labs (BFL) has reopened and has an updated website following their tussle with the FTC.
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