Deans & Lyons Lawyers Obtain a TRO against HashFast Technologies, "Freezing" its Bitcoin Wallets

FORT WORTH, Texas, March 28, 2014 /PRNewswire/ -- A Tarrant County district judge entered a temporary restraining order against HashFast Technologies, LLC and HashFast, LLC, enjoining certain activities related to its Bitcoin wallets.

The TRO, entered on March 27, 2014, was obtained in connection with a lawsuit filed by Cypher Enterprises, a company based in Southlake, Texas.  In the lawsuit, Cypher Enterprises claims it ordered—and paid for—Bitcoin mining computers and related hardware developed by HashFast.  The complaint alleges HashFast promised the hardware would be delivered by a certain date, and when that date came and went without delivery, Cypher Enterprises cancelled its orders.  Having paid for a majority of the orders themselves in Bitcoins, Cypher Enterprises then demanded HashFast issue its refund as paid, but HashFast failed to reply and, to date, has not issued a refund of any kind.

On its website, HashFast claims to be "an industry leader in Bitcoin mining technology" and "the company to watch in Bitcoin mining, a standard-bearer for quality and innovation."

"Outside of the Mt. Gox bankruptcy proceedings, I'm not aware of any other Texas courts which have entered a restraining order like this," says Cypher Enterprises' lawyer, Robert Bogdanowicz.  "It speaks to the legitimacy of cryptocurrencies and a growing understanding of their value and importance to businesses."

You can download a PDF copy of the lawsuit here and a copy of the TRO here.  To learn more about Deans & Lyons, visit www.deanslyons.com.

SOURCE Deans & Lyons LLP

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