CoinTerra CEO: Company ‘Frozen’ Amid Lawsuits and Default

Following a lengthy silence in the media, CoinTerra CEO Ravi Iyengar has emerged on the offensive, seeking to clarify the current state of his bitcoin mining firm, one that has recently been rocked by questions about its solvency.
Speaking to CoinDesk as part of a new interview, Iyengar confirmed that the Austin-based bitcoin mining company is in default, and it is currently awaiting a decision from its secured note holders.
CoinTerra is in default on roughly $4.25m-worth of secured notes, according to Iyengar. The admission comes days after the firm became the target of a lawsuit filed by data center services provider C7 Data Centers. CoinTerra has launched a countersuit, contesting Utah-based C7′s allegations of unjust enrichment and breach of contract.
Iyengar asserted that a halt in bitcoin mining at C7′s data centers resulted in a default event for CoinTerra, telling CoinDesk:

This post was published at Coin Desk on January 14, 2015.