Compass Mining severed its ties with the Russian hosting provider Bit River and did not return Bitcoin mining gear to its customers. The company claimed the reason for its actions as a non-applicable sanction issued by the United States of America. Directly as a result of this, customers of Compass Mining have filed lawsuits against the company, alleging that it engaged in misleading business practises in an attempt to recoup more than two million dollars.

A document that was submitted to the court on January 17 reveals that Compass Mining informed the court in April 2022 that it had terminated its “relationships and transactions with Bit River” as a direct response to the sanctions that were issued as a consequence of Executive Order 14024. The information was revealed in the document that was filed with the court.

According to the accusations, Compass “did not offer” to return or even retrieve the assets that its clients had entrusted the firm with and which were being housed at Bit River’s facilities in Russia. These assets had been entrusted to Compass by its customers. The Russian Federation was the location of these assets.

On the other hand, it has been said that the claim that the return of the mining equipment would violate Executive Order 14024 is “false.” This order prohibits entering into deals with companies that have been blacklisted. Transactions with companies that have been placed on a blacklist are forbidden under this ruling. It was said that this directive may be the cause of the disagreement in question.

Compass has “both the right and responsibility” to ensure the return of its customers’ mines, as stated in the legal agreement between the two parties. The paper does have this stipulation as a part of it.

In an angry response to the concerns raised by clients, the management of Compass said that the company is “unable to execute or even assist” any business transactions with Bit River. This was done in response to the concerns expressed by the consumers.

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Compass Mining severed its ties with the Russian hosting provider Bit River and did not return Bitcoin mining gear to its customers. The company cited an inapplicable fine issued by the United States of America as the reason for its actions. Bit River was the Russian hosting provider. Directly as a result of this, customers are filing lawsuits against Compass Mining for over 2 million dollars, alleging that the company took part in fraudulent operations and defrauding them of their money.

According to a document that was submitted to the court on January 17, it is stated that Compass Mining informed Bit River in April 2022 that it had terminated its “relationships and transactions with Bit River” as a direct result of the penalties that were imposed as a direct result of Executive Order 14024. These penalties were imposed as a direct result of the fact that Compass Mining informed Bit River that it had terminated its “relationships and transactions with Bit River.” This information was included in the document that was presented to the court as part of the filing process.

Compass “did not offer” to refund or even retrieve the assets that its customers entrusted the business with, which were stored at Bit River’s facilities in Russia, according to the allegations that have been made against the company. These allegations come from the lawsuits that have been filed against the company. The assets at issue were located in Russia at the time of the investigation.

On the other hand, it has been asserted that the claim that returning the mining equipment would be a violation of Executive Order 14024, which prohibits doing business with sanctioned organisations, is “wrong.” In other words, returning the mining equipment would not be a violation of Executive Order 14024. This is due to the fact that Executive Order 14024 prohibits doing business with organisations that are under punishment.

According to the legally binding agreement that was signed by all parties, Compass has “both the right and responsibility to effectuate the recovery of its customers’ mines.” This provision is included in the agreement.

The management of Compass provided an aggressive reaction to the concerns that were raised by clients by declaring that the company is “unable to execute or even facilitate” any business transactions with Bit River.

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