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[electerium]

big shocker here.

just another scam.

[1714079604]

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[1714079604]

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[spuushie]

Hey all,

Due to many circumstances that have occurred since Aug-Sept of last year, LRM is no longer able to operate.  Many factors contributed to this unfortunate event including lawsuit expenses, declining BTC price, and inability to host the hardware profitably anymore.  Mining has ceased and the company has had to declare bankruptcy as of this time.  This should not have been a total shock as almost all other mining contract based operations throughout the market have also ceased by this point, nevertheless it is highly unfortunate to have to bring this news.

Best of luck to all the bitcoiners out there,
Lab_Rat

Where are the ~ 500 BTC you got back from BFL???  I got my refund already so I know you got it.

I see you switched your payment address from MegaBigPower on June 1.  Have fun in prison. 

Anyone have a PACER account?  Any updates on the lawsuit?

You are right this does not end now! There is still a lot to bee solved. Like when he oversold that "asic project". Thats when I went a little to deep for my own liking. I cannot let this go yet. whatever that mean...

[BG4]

Sorry it ended this way...I remember the day labrat spoke about his idea.....way back on the early BFL forum days..

(Waves at grnbrg)..




BG4
Papersafe.org

[oldbushie]

Very sad news, but not unexpected. Best of luck with the proceedings.

At least it was an interesting experiment while it lasted.

[bobfranklin]

Oh well.

Guess ya might wanna update the website LabRat to reflect the cease of operations.

[fractal02]

I fall on all Scam out there... 

Another one...
I think it's my "BTC exit" venture.

I'm out of this.
BTC is a great idea driven by scammers who will destroy it in the long term.

They already destroyed my faith on it....i become a very Anti-BTC and Altcoin person and i warn every people i can about this fact, simply because i experencied it.

Die BTC and Go to jail Zach, you scammer.

[runam0k]

Best of luck with the proceedings.

Keep in mind the proceedings were purely a result of LR screwing investors.

[spuushie]

I fall on all Scam out there... 

Another one...
I think it's my "BTC exit" venture.

I'm out of this.
BTC is a great idea driven by scammers who will destroy it in the long term.

They already destroyed my faith on it....i become a very Anti-BTC and Altcoin person and i warn every people i can about this fact, simply because i experencied it.

Die BTC and Go to jail Zach, you scammer.

This!

[ismellarat]

Shareholders need to know!

https://www.scribd.com/doc/268740142/Lab-Rat-Voluntary-Petition-for-Bankruptcy?secret_password=9yPmEXYPHeZHA6n8qHFo


Over $200,000 racked up defending his company (and himself personally) from the fraud he committed knowing he could never pay it off.
https://i.imgur.com/ZVLjseF.png

Over $200,000 pocketed personally at the expense of shareholders who saw a fraction of their coins back. (We don't get to see what his mom or any other "employees" made)
https://i.imgur.com/AhBlonj.png

Looks like his mom was his "Professional CPA" for a while....
https://i.imgur.com/LQPBdV5.png

We see that his mom is a managing member at 5%...
https://i.imgur.com/Onydu7h.png

Guess now we know how he could afford the house which is purchased jointly.....
https://i.imgur.com/5qJDSNm.png
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=1337&l02=133700157____00023_________M

wish it could've been longer.

We can see why!

[Lab_Rat]

The very first discussion was that I would scoop 25% as my personal share of which I intook on average $60k a year when working 100 hour weeks.  That averages about $10/hr.  This is before Uncle Sam's 30-35% cut of it.  The company paid out a couple million in distributions so my personal cut was less than 10% BEFORE taxes.  The down payment on my house was pretty well solely from a trust fund my father left me when he DIED so please dont go spreading FUD.  Also no fraud was found within my company on the multiple times it was professionally or otherwise investigated.

Thanks,
Zach