in short
Bitcoin Depoat's Canadian subsidiary, Tegre Cloud, has been hit with a multi-million dollar punitive damages award after allegations of hardware and software failures. Cash Cloud is pursuing a parallel case in the United Bankruptcy Court seeking similar damages in the US Bankruptcy Court. Bitcoin Dopit says it will challenge the award and “vigorously defend” both cases.
Canada's Bitcoin Depot Inc. Thousands of machines were installed with suspected hardware and software vaccines along with the game players.
Atlata-base Bitcoin ATM Operator in a Form 8-k filing On Monday, the beauty pageant of Canada will be held. After the problems in December 2024 and October 2025, it is entering the financial cloud.
An arbitral award is a legally binding decision made by a private arbitration panel that typically carries the same weight as a court judgment.
“The award” fully represents the award based on the claims of the cloud written by Bibicon Cloud “” “They intend to continue to vigorously defend this matter.”
Decrypt Reached out to Bitcoin DEPOT for further comment.
The deal is sweet
Cash Cloud, the top Bitcoin ATM operating under the business name Coin Cloud, was a Nevada corporation before it filed for bankruptcy.
Bitacchacty Inc., Bitcoin ATMO Operation – Bitcoin DEPOT He found controlled wood In the 2021 equity purchase agreement, it operates as the software arm of Bitcoin Downows.
later Signing Major procurement agreement In January 2020, in August 2022, the denial of the breach was analyzed, and August 522 made an agreement by delivering the wrong hardware and kiosk software.
The cash cloud partners said that the partners to leave the ATM fleet unchanged, turn offs and direct income locations.
Bitcoin House is asking for the prize to be taken down, although the Bitcoin salary is asking them to take the prize “but the final result of the matter cannot be predicted at any time.”
bankruptcy proceedings
From the Canadian distribution, a different film of the Bitcoin depot Legal risk In the US Bankruptcy Court for the District of Nevada.
Money cloud b Chapter 11 bankruptcy In February 2023 in LAS VEGAS, they were accused of more than $153.9 million in debt in the wrong machines, a failed software deal on the tunnel circuit, and the chief revenue officer.
In 2023, the company will file a related claim outside the jurisdiction of the Canadian court in the same contractual dispute, resting in the same 2020 master purchase agreement.
“The company believes in American bankruptcy court action, defends cases before the Canadian private court, and controls before the Canadian arbitration award,” Gel showed.
Performance of the quarter
Bitcoin depot's Return to Q3 Over 20% year-over-year – from $202.5 million to $162.5 million, jumping $139% to $5.5 million, but both came out quarter-on-quarter, earnings About love 6% from Q2's $172.1 million and profit is approximately 55% below $12.3 million.
The company's Q3 earnings came in at $0.08 per share, up from $0.16 in Q2.
Bitcoin DEPOT works More than 9,000 Bitcoin ATMs In September in America, Canada and Australia.
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