Remember HashFast? That’s right – the company that – like so many of its competitors failed to deliver bitcoin mining hardware to its customers and delayed or denied refunds for a prolonged period of time. Well, perhaps inevitably, and as most reading this will probably already be aware, the company eventually filed chapter 11. Last month the company – in an attempt to raise capital and make a dent in the $14 million worth of liabilities on its balance sheet –offered its assets for auction. A host of bids came in, but the bankruptcy court decided none of them even came close to being realistic.
Cue a little known Venezuelan politician – Guido Ochoa. Ochoa – a congressman and president of the country’s Science, Technology and Innovation Commission – has agreed to buy the company’s entire inventory for $420,000.
From the court declaration:
(The offer)… was accompanied by a commitment from Mr. Ochoa to permit the Debtors to buy data mining boards that Mr. Ochoa will be building with the Debtors’ assets, and which will be compatible the Debtors’ chip inventory, at a price equal to Mr. Ochoa’s cost.
Veterans of the bankruptcy space have expressed puzzlement over the actions of Mr Ochoa – with one long time bankruptcy judge – Victor Delaglio – stating:
What troubled me was to read that Mr. Ochoa will allow the debtor to buy mining boards …This is like a patient that is going to die from three different things and now you’re suggesting a fourth surgery.
Does it seem like a strange move to you? Or do any of our readers have any inside info that might shed light on Mt Ochoa’s actions? Let us know!