Bitcoin mining platform rumored of not paying fees amounting to $26 million:Report
According to the Q1, 2023 report by Rhodian Enterprises, a Texas-based Bitcoin miner, the former Riot Blockchain, a Crypto mining firm Riot Platforms, is looking to restore “more than $26 million” after it was alleged of not paying their fees to Rhodian Enterprises, stated Cointelegraph.
With insights from Riot’s Q1 2023 financial report, on May 10, 2023, Whinstone, a subsidiary of Riot, filed a petition on May 3, 2023, in the 20th District Court of Milam County, Texas. It complained that Rhodium Enterprises broke its contract as it had failed to pay “certain hosting and service fees under agreements,” added Cointelegraph.
As reported by Cointelegraph, Riot was clear with the stakeholders and the news about the unpaid fees was mentioned. It also mentioned that “Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any.”
It is believed that Rhodium has been given time till May 30,2023, to respond on this issue. Furthermore, the reports by Riots mentioned to the stakeholders that “We did not have any banking relationships with Silicon Valley Bank, Silvergate Bank, or First Republic Bank, and currently hold our cash and cash equivalents at multiple banking institutions,” Cointelegraph concluded.
(With insights from Cointelegraph)
