Federal magistrate to mediate bitcoin dispute

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

A federal court in St. Louis has appointed a federal magistrate to mediate discussions between the Federal Trade Commission and Butterfly Labs Inc., which produces hardware to mine the digital currency Bitcoin. The FTC obtained a temporary restraining order to shut down the Leawood, Kan.-based company on Sept. 23, alleging that it had defrauded thousands of customers of as much as $50 million. The presiding judge extended the restraining order until Friday so both parties can consider a deal that would allow Butterfly Labs to resume business but still protect consumers.

Read more from the Kansas City Business Journal

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