BitFunder and WeExchange Bitcoin Scams Totalling $9 ...

[ActiveMining / Virtual Mining Corp] Basic facts/summary etc

*On this thread you will find details from the most important Official ACtM news releases, statements and published facts for easy reference. *
Active Mining Corporation (ACtM) is the parent company of Virtual Mining Corp (VMC) and is made up of a team of dedicated Bitcoin mining professionals with over 30 years of combined experience.
The current company structure is as follows:
Active Mining Corporation Management Team:
Kenneth E. Slaughter, CEO/CTO
Virtual Mining Corporation Management Team:
Kenneth E. Slaughter, CEO/CTO Gerald L. Slaughter, COO/CFO Micah Slaughter, VP Manufacturing Operations Darin Carolus, VP Marketing
VMC also has 2 in-house Engineers in San Jose and a Project Manager working very closely with eASIC. ACtM company offices are in Springfield MO - VMC website
Since IPO, ACtM/VMC has been perusing a 28nm ASIC chip with eASIC. In September ACtM and eASIC released a joint statement:
Santa Clara, CA and Springfield, MO – September 4, 2013 – eASIC Corporation, a leading provider of NEW ASIC devices and Virtual Mining Corporation (VMC) today announced that VMC will use eASICs 28nm Nextreme-3 devices to create a series of scalable Bitcoin mining machines capable of generating up to 24.756 TH/s.
The above chip roll-out was delayed by ACtM in September due to concerns over ROI with BTC value at only 140 USD and competitors chips at 4-500GH/s. The ACtM chip was therefore returned to the design stage and the result is a more refined and more efficient full custom 28nm device which eASIC are presently in the process of producing. Chip specs will be known shortly.
This chip will be available for: bulk sales, the ACtM mining farm, and will be sold in premium high-power machines for retail and industrial customers. This chip is expected in Q3 2014.
On the 21st January 2014 ActM surprised investors when they published this press release:
Springfield, MO and Santa Jose, CA – January 21, 2014 – Active Mining Corporation (Belize) (AMC) a bitcoin Mining and Hardware Manufacture, and People's ASIC a stealth Silicon Valley startup founded by two veteran engineers is proud to announce today the tape-out of their 55 nm UMC Bitcoin Mining ASIC. Simultaneously, AMC has acquired the Intellectual Property for the 55nm UMC Bitcoin Mining ASIC. Delivery of chips is expected in Q2/2014. Also, AMC will use the same design team and code which successfully taped out the 55 nm on AMC's eASIC's 28 nm.
This new full custom 55nm project (wholly owned by ACtM) is at a more advanced stage than the eASIC custom 28nm ASIC and has been taped out by UMC. This chip will be utilised in scalable bitcoin mining machines capable of generating upto 10.488TH/s.
The published specs of the UMC fabbed chip include: 11mm x 11m package, 1.9 GH/s, 2.5 Watts per chip which is 1.315789474W/GH (before Intellihash is applied)
This chip will be available for: bulk sales, the ACtM mining farm, and will be sold in budget medium-power machines for retail and industrial customers. This chip is expected in Q2 2014.
*Intellihash (TM) * Intellishash (TM) is a unique in-house process designed by ACtM and its engineering team which extends or boosts the usefull hashing life of Bitcoin mining ASIC's. For commercial reasons the full details of this technology are confidential. The process can be applied to ACtM chips and will boost chip lifetime-performance as hash-difficulty rises. The percentage of increased life-time efficiency over a standard ASIC chip is not public knowledge, but the boost is expected to be significant over non-Intellishash capable chips (ie competitors chips).
ACtM mining farm
With their own mining farm ACtM expect to utilise first their 55nm based rigs which generate 10.488 TH/s and shortly after their 28nm based rigs which generate 24.576 TH/s. Electricity costs for ACtM are stated to be around 0.017 $/kWh.
Due to increased shareholder requests to implement a trading solution ASAP ACtM shares will be listed on Hong-Kong based Crytpo-Trade in the next few days. 28/1/2014.
All shares on Bitfunder were requested to be tendered to the 'AMC-TENDER' holding account before the closure of BF so that Ken could batch-process them onto a new exchange when one was ready. Any holder who carried out the tender on BF should receive an email notification soon which will lead them to log-in to an auto-created account on CryptoTrade. At this point no account needs to be manually opened.
The most recent information on this move is: 'The transfer of shares from AMC-TENDER to Crypto-Trade will be via an automated site. To verify your shares, you will need an email address that you want to register as a account on Crypto-Trade (fine if you already have an account using that email, shares will just be added to that account), the number of shares transferred to AMC-TENDER, and your AMC-TENDER transfer date and time of transfer (from your Bitfunder transfer logs, or from the screenshot you made of the transfer).'
For the many shareholders who did not carry out the BF tender (or who do not have the date and time of your tender), you will likely be requested to confirm your identity by signing from your wallet address which you registered on the Bitfunder site before you can access your CryptoTrade account. Due to the manual processing of your shares (not part of the tender batch-processing) you may gain access to your shares sometime after those who did fulfill the tender request.
Shareholder guarantee
There are a total of 10,000,000 (10 Million) publicly held shares in ACtM that represent interests in all VMC, and ACtM profits. The shareholder guarantee states that these 10M shares will receive all dividends until a total of 0.0025BTC has been paid per share. Currently less than 2% of this total has been paid out. After the 0.0025BTC has been paid to each publicly held share the CEO's holding of 15 Million shares will also begin to receive dividends so that all profits are then shared out equally between the final total of 25,000,000 shares.
Ukyo Shares
Through his Bitfunder securities exchange and WeExchange processing site Ukyo misplaced, lost or miss-invested over 6,000BTC from the community. ACtM had company funds in both Bitfunder (38BTC approx) and WeEx (70BTC approx) which represented assets raised from the IPO, funds for the purposes of paying dividends, and funds being used to transfer ACtM shares to CryptoStocks via a free transfer option for share holders. (This scheme was in it's very early days and so only a few thousand shares were exchanged to CS before Bitfunder was closed). These monies appear to have been lost and after legal notice was served on Ukyo for the return of these funds no refund was made. ACtM has therefore adopted the rights of lien under Corporation Law to seize Ukyo's ACtM share holdings. Ukyo held approx 232,000 shares in ACtM. These shares are being sold on Crypto Trade solely for the purposes of reimbursing ACtM lost funds and legal fees and costs relating to this case. Once these funds have been reimbursed the remaining shares/raised BTC will be returned to either Ukyo or a rightful third party so that the community can get back some of their lost monies. At the current listed price it is expected that only 5% of the seized shares need to be sold to reimburse ACtM leaving 95% for other parties. However should that listed price (0.01BTC) not be reached, more numbers of shares will need to be sold at a lower price.
Pre-order Refunds
With BTC savings retained from the IPO, and BTC having appreciated almost 10fold, ACtM has ample liquid assets to refund 100% of all pre-orders plus continue with full production of the 55nm and 28nm projects. Of the few pre-order customers who have requested a refund all have been repaid in full in a timely manner. Pre-orders paid for in FIAT are currently held in FIAT by the company to safeguard this company liability from a fall in BTC prices.
submitted by foradalei to ActiveMining [link] [comments]

BitFunder shuts down permanently

Important Notice (November 4, 2013)
Please be advised that BitFunder is ceasing operations. In connection with BitFunder's shut-down, please note the following points, which supplement the points outlined in BitFunder's October 8, and October 11, 2013 notices:
As of November 14, 2013, no BitFunder user will be able to enter into any new positions or sell positions on the BitFunder website.
BitFunder users are encouraged to transfer their shares from the BitFunder site to the respective issuer(s) no later than December 1, 2013.
As of December 2, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by BitFunder users, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares.
On December 2, 2013, bitcoin balances in the accounts of all users will be transferred to their WeExchange accounts.
As of the date of this notice, BitFunder is not assessing any new fees against any BitFunder user.
Notwithstanding the shut-down, the site will remain available for viewing and users will be able to request records from BitFunder until at least December 15, 2013.
BitFunder appreciates your understanding in these matters.
submitted by runderwo to Bitcoin [link] [comments]

WeExchange funds recovery

It appears as though Ukyo/Jon Montroll is trying to make certain discrepancies right:
Hello Everyone,
I would like to say thank you to everyone for being patient and understanding during these difficult times.
All BTC stuck on has been migrated to a new claim portal. You will notice your BTC balance on the main weexchange site zero out. Withdraws via the portal will list in your history. As funds become available they will be dispursed proportionally on this portal for immediate withdraw. The first round has been dispersed and is ready. Please keep in mind that the amount and percentage of bitcoins being released is effected by many variables as we tried to make as much available as possible.
Login details are the same as the site.
Below is a link to a claim portal.
(full text located on bitcoin talk, posted today:
submitted by gnostication to Bitcoin [link] [comments]

FU Bitfunder

Important Notice (October 8th, 2013):
Please be advised that BitFunder is implementing the following rules and procedures:
As of October 8th, 2013, BitFunder will not accept new registrations from any United States persons or entities. All new registrants must supply the information required to obtain "Verified" status on their linked WeExchange account. BitFunder may, in its sole direction, decline to accept any new registrations.
As of October 8th, 2013, all current BitFunder users who are located in the United States or are determined to be United States persons or entities will not be able to enter into any new positions on the Bitfunder website, and, as of November 1, 2013, such users will also not be allowed to sell positions on the BitFunder website.
All current BitFunder users who are not United States persons or entities must supply the information required to obtain "Verified" status on their linked WeExchange account before November 1, 2013. Any such users who fail to provide the necessary information will not be able to enter into or sell positions on the BitFunder website as of November 1, 2013.
Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013.
All assets and issuers must demonstrate that they meet BitFunder's requirements for the listing of assets, or the assets and issuers will, at BitFunder's sole discretion, be denied access to, or removed from, the site. Issuers will be notified of any additional information needed to demonstrate compliance with BitFunder's requirements.
BitFunder appreciates your understanding in these matters as we move forward.
Sincerely, BitFunder
submitted by ths1977 to Bitcoin [link] [comments]

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Bitcoin, Cryptocurrency, Finance & Global News - February 23rd 2020

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