Virginia Beach-based BCause Mining Ordered to Liquidate Assets
Located in the city of Virginia Beach, Bitcoin mining operation BCause Mining was ordered to liquidate its assets.
Local news outlet the Virginian-Pilot reported on October 9 that the Bitcoin mining company filed earlier this year for bankruptcy. Then this week, a federal finally approved the motion to change the filing from a reorganization to a Chapter 7 liquidation.
Furthermore, the now-defunct mining firm received a $500,000 grant last January 2018 from the city of Virginia Beach. And they gave this amount for the company to expand its operations to a local rented warehouse. On the other hand, the firm assured to incest more than $60 million in a massive expansion. And this would have become the largest cryptocurrency mining operation in North America.
Elsewhere in West Virginia, the Federal Bureau of Investing (FBI) is investigating if a student at the University of Michigan tried to hack the voting app.
Mac Warner, Secretary of State in West Virginia, warned the FBI during an unsuccessful effort to have unauthorized access to the Voatz voting app. Also, he stated the activity of the attempt was from IP addresses connected to the University of Michigan.
Impressive Gains
Meanwhile, Bitcoin and altcoins showed remarkable gains. The BTC further rebounded, leaping $400 in just a few hours. Then, altcoins rally in sync with BTC.
The most popular crypto coin rallied from an intraday low of around $8,200 up to its current trading price around $8,600. This shows incredible gains of above 5%. Then, the vast majority of the top 100 cryptocurrencies are jumping in sync with Bitcoin. Also, they are recording major double-digit gains.
Then, Ether (ETH) followed suit and boosted in sync with most of its fellow altcoins. It displayed more than a decent gain of almost 7%. The second-biggest cryptocurrency by market cap reached its intraday low at $170. And after that, it has hit $91.58 per coin. But the price still fell 14% from its high of $222 in mid-September.
