Virginia Beach’s BCause Mining Firm Set to Shut Down, Liquidate Assets and Return $500,000 Grant
The crypto mining industry recently lost one of it's players based in Virginia Beach following a court order. BCause Mining, is set to liquidate its asset's after authorities forced the move on the firm.
BCause had earlier in the year, filed for bankruptcy and it was only until the beginning of Q4 when the company was granted a go-ahead. A Virginia federal court judge gave approval for the liquidation process to begin as per chapter 7 which basically means the reorganization of the firm’s assets and operation.
As a result, BCause has been directed to close down its operation which comes along with an automatic lay off for its employees, both full and part time.
$500,000 Grant from Virginia Beach at Stake
The crypto mining firm had secured a massive grant of 500,000 from the city of Virginia Beach back in 2018 when most firms set up after the bull-run in Q4, 2017. These proceeds were allocated for expansion mainly in premises and assets which include a warehouse and mining computers. BCause had initially set out to invest over $60,000 million to dominate the crypto mining industry in North America.
Julie Hill, the spokeswoman for Virginia Beach, mentioned that they will move forward to file for a claim from the proceeds to be recouped in the bankruptcy process. However, Virginia Beach in this case is an unsecured lender which leaves them at the mercy of what remains once the secured claims are settled.
West Virginia’s Blockchain App under attack!
A blockchain application created to facilitate voting in West Virginia is said to have been a target of hacking. FBI were alerted by Mac Warner, the Secretary of State for West Virginia, that the system may have been compromised after an unsuccessful login from his end. According to reports, the malicious attempt shows an IP address from the University of Michigan and indicate a probable hack by one of the students at the University.