Embattled CEO of Bitcoin miner firm: “We are as poor as church mice”
Summary
SAN FRANCISCO—Seated at a conference table in HashFasts offices, flanked by four other top employees, CEO Eduardo deCastro explained on Friday morning that the now-former Bitcoin miner manufacturer made key mistakes in late 2013 that lead to the company’s precarious position. “Were being very pragmatic with respect to the customer.” HashFast’s struggles add to the ever-increasing list of legal cases involving apparent Bitcoin-fueled fraud: The Bitcoin Savings and Trust hedge fund collapse; the high-profile Silk Road takedown; and most recently, the implosion of Mt. One of the primary sticking points among angry customers is the fact that in August 2013, CTO Simon Barber stated publicly on the BitcoinTalk.org forum: “Orders are taken in BTC, in the unlikely event we get to refunds they will be given in BTC.” The company further said it would ship its Baby Jet ASIC Bitcoin miner by October 2013—which was then delayed until January 2014. “I tried to refund the upgrade card, which at this point is a big money loser for customers (it cost $1500 and will never remotely pay for itself), but Hashfast insisted that I sign a release that would have let them off the hook for ‘any and all claims’ against them, i.e. including the obligation to provide the MPP. Whatever the original intent, they had a huge communication failure, plus their horrible customer service, lack of any helpful information, excessive delays, and continual touting of their ‘amazing’ products, were simply disrespectful and infuriating.” McArdle said he repeatedly e-mailed HashFast executives, including CTO Simon Barber, also about his MPP delivery.
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