FTC reaches interim deal with Bitcoin mining company

Bitcoin | Courtesy of Atana/Flickr
Courtesy of Atana/Flickr

The Federal Trade Commission has agreed to let Butterfly Labs Inc. reopen but will still restrict activities of the Leawood, Kan., company, which creates machines that uncover, or mine, Bitcoins, a form of digital currency. The FTC, which alleges that Butterfly Labs defrauded thousands of customers, obtained a federal order Sept. 18 temporarily freezing the company’s assets and appointing a receiver. The interim order limits Butterfly Labs’ ability to make promises about its products and what they can generate.

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