#cointerra

The Bitcoin Group #64 -- Bitcoin’s Death -- Bitcoin $1 Trillion -- CoinTerra -- 1000 BTC Hack!

Published on 30 January, 2015 by World Crypto Network

Bitcoin Mining Firm CoinTerra Files for Chapter 7 Bankruptcy

27 January 2015 | Stan Higgins | Coindesk.com

Bitcoin mining company CoinTerra has filed for bankruptcy.

CoinTerra has between $10m and $50m in assets, with liabilities within the same range, according to court documents. The firm has filed for Chapter 7 bankruptcy protection, meaning it is likely to liquidate all assets in its bid to repay secured creditors.

CoinTerra stated that it would be unable to repay unsecured investors and named hundreds of creditors in its filing, which was submitted on 24th January.

The move comes soon after CoinTerra became the target of a lawsuit launched by C7 Data Centers, a data center colocation services provider based in Utah. C7 is seeking repayment on roughly $1.4m in unpaid service fees, as well as nearly $4m in damages. Indications that the company was experiencing debt problems first emerged earlier this month.

CoinTerra CEO: Company 'Frozen' Amid Lawsuits and Default

In a new interview, CoinTerra CEO Ravi Iyengar confirmed that his Austin-based company is currently in default and speculated on its future.

CoinTerra CEO: Company 'Frozen' Amid Lawsuits and Default

In a new interview, CoinTerra CEO Ravi Iyengar confirmed that his Austin-based company is currently in default and speculated on its future.

CoinTerra CEO: Company 'Frozen' Amid Lawsuits and Default

In a new interview, CoinTerra CEO Ravi Iyengar confirmed that his Austin-based company is currently in default and speculated on its future.

Bitcoin crash could take toll on data center providers

14 January 2015 | Barb Darrow | gigaom.com

Here’s a story I didn’t see coming. Big data center providers may be feeling the reflected pain of the struggling bitcoin cryptocurrency, as Data Center Knowledge reported.

Exhibit A: a lawsuit lodged by C7 Data Centers against bitcoin miner Cointerra for non-payment of co-location costs. Data Center Knowledge reports that Cointerra is countersuing, but in the meantime its operations at C7 are off. The story lists several other bitcoin miners and which data center providers they use.

Data Center Operator Sues CoinTerra for $5.4 Million in Damages

13 January 2015 | Stan Higgins | Coindesk.com

CoinTerra is being sued by a Utah data center operator for alleged breach of contract and $1.4m in unpaid services.

In court documents, C7 Data Centers alleges that former partner CoinTerra acted in bad faith by intentionally underpaying for services and demonstrating a pattern of late repayment. In total, C7 is seeking $5.4m in damages, court fees and related charges.