An embattled Bitcoin miner manufacturer is set to find out exactly how it will be able to retake its corporate reins after having been placed under federal receivership. US District Court Judge Brian Wimes ordered the court-appointed receiver to “wind down” the procedures on Tuesday.
In late September, the Federal Trade Commission filed a civil lawsuit against Butterfly Labs (BFL) alleging that the company engaged in fraudulent and deceptive practices. As a result, the federal judge in Missouri imposed tight controls over the company to prevent its executives from moving money around.
But last week, the judge denied the FTC’s motion to extend that temporary receivership.
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