According to an article from Compass Mining, A judge ruled in favour of Compass Mining and entered a default judgment against Dynamics for $1,474,400, plus post-judgment interest and costs.
On Thursday, Judge J Travis Laster, of the Delaware Court of Chancery, ruled in favour of Compass Mining and entered a default judgment against Dynamics for $1,474,400, plus post-judgment interest and costs.
Because Dynamics’ attorneys withdrew from the lawsuit for non-payment, according to a statement, Compass is unclear whether it will be able to recover that money.
When Dynamics announced that it had terminated a hosting deal with Compass and charged the company with missing and late payments in June, the dispute between the two businesses intensified. The decision comes at a challenging moment for miners who must contend with rising energy bills, low bitcoin prices, and growing mining difficulty.
Compass launched a lawsuit on the grounds that Dynamics was hostage-taking its equipment and claimed that the accusations were totally false. Additionally, the firm said that while it had contributed roughly $1.7 million to the development and maintenance of three buildings, Dynamics had failed to meet some of its duties.
On July 6, 2022, the Court granted Compass immediate injunctive relief, granting Compass access to a Dynamics facility where Compass customer miners were being housed, allowing Compass to collect that equipment.
The payments outlined in the application for default judgment account for overbilled and unreimbursed sums, as well as deposits and capital expenditures made by Compass for the development of various facilities. Dynamics was also ordered to pay post-judgment interest and collection expenses to the court.
We’re glad to see the correct ruling play out, Dynamics Mining violated the rights of both Compass Mining and our clients, and we’re thankful the US legal system has produced a just result.
homas Heller, co-CEO and co-founder of Compass Mining said
In June 2022, Compass Mining filed a lawsuit against Dynamics Mining for failure to execute contracted services as well as for retaining Compass Mining’s customer assets without consent. Dynamics Mining hosted around 1% of Compass Mining clients at the time.
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