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Tuesday, February 7, 2023

Blockware Sued For Falsifying Miners’ Performance

Plaintiffs have recently claimed losses worth a whopping $250,000. Following their loss, they tried to get punitive damages and compensation to cover the amount. Faes is a company that is based in London and they have made a complaint a few days ago against Blockware Solutions that is a crypto mining company. This complaint was filed on 17th December 2022. 

Faes had alleged that the firm had previously misrepresented its performance capability in terms of its miners. On the other hand, the reality was that this crypto firm lacked sufficient access that is required to maintain the machines and smooth operation. 

Misrepresentation Of Capability By Blockware 

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The Plaintiff company in London has accused Blockware that due to their misrepresentation, they have incurred a huge loss of $250,000. As a result, they have sued Blockware as well as claimed punitive and compensatory damages. 

The complaint that has been filed mentions that the involved parties made a contract in 2021 October. It states that Faes was to purchase hosting services and Bitcoin miners from Blockware worth $525,000. In return, Blockware will host miners of Faes stating they own and supervise monthly energy costs and hosting fees. 

Accusations, Complaints, And Compensations

Faes accused the company because, during the time of the contract, the latter did not operate or own the facility. Hence Blockware could not host Faes miners nor could they be trusted anymore. Faes has also shared that the machines ordered by them had to be hosted in the facilities of the firm in January while the Bitcoin price was soaring above $45,000. 

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Although the uptime of 100% was displayed, this incident proves that almost 50 days of added power curtailment took place at the facility in Pennsylvania from September to October. They also failed to give an immediate response to the complaint.

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