Butterfly Labs Seeks Government Approval to Reopen Business

Attorneys for the Federal Trade Commission (FTC) and Butterfly Labs are allegedly holding talks that could lead to a possible reopening of the troubled bitcoin mining business.
The conversation, while still in its early stages, may allow Butterfly Labs to exit its previously announced court-ordered shutdown, The Kansas City Star reported.
Butterfly Labs was placed in temporary receivership by a US judge last week, a condition that was extended during a hearing on Monday when prosecutors made the case that both the company and its employees effectively profited at the expense of customers.
US District Judge Brian Wimes asked at the time if both sides could potentially agree to what he called a ‘business plan’. The media outlet suggested that both parties were reportedly enthusiastic about the idea, and discussions have been ongoing since the end of that hearing.

This post was published at Coin Desk on October 1, 2014.