There is not yet a class formed. For one thing the purchase agreement includes wording that it must first go to binding arbitration, and they are in that process. I am in the queue with the same law firm should that result in something positive. If however arbitration totally breaks down then they can go to the courts and request the court for a class to be formed. It will probably be a year or more before anything comes out of that, if it actually happens.
I contacted Cline's attorney and maybe I miss understood the reply, but it is as follows:
Thank you for contacting us. We are going to have a mediation with CoinTerra in September, where we will discuss possible settlement of the class action. Once we hold the settlement, we will have a better idea of what the next steps will be for the class action and for individuals affected by CoinTerra's practices. I can provide you with more information at that time.
Sorry to hear that as of to date, you still did not receive your refund!
I agree that CoinTerra probably miss appropriated funds that should have went directly back to their customers.
Yup, that's my take on it too. Not sure about insolvency though. I think they were able to keep many, many machines to use in their mining op. In fact, I can't help but feel the recent spike in hash rate might be their latest round of machines at the new data center they teamed up with.
My thoughts are that there cloud mining operation is what the June Batch went for. The units that actually hit the 2Th's mark with a reduction in power consumption. I believe that those units and the Spondooliestech's, Yukon SP-30's that has been released is what produced the spike in the network.
With only more units to follow.
I was considering on buying some of the Spondooliestech's Yukon SP-30's, but now they have changed the specs. from Hashing 6Th's to 4.5 Th's and raised the power consumption rate. After more investigation into this product I have found that running them on two 120-V circuits will produce a Hash Rate of less than 4Th's.
Just another CoinTerra and BFL operation with only one exception. They are not a US based company, with possibly no recourse.
These companies are just as bad as the Day Traders driving the price of the coin down with their FUD!
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