When a mining company filed for bankruptcy, its creditors included U.S. customs

According to The BlockreportsBcause Mining LLC has filed for bankruptcy.

This is not so much a bankruptcy case as a plea for help.

Bcause Mining LLC calls itself a corporation. The whole stack & quot; Encryption companies can handle mining, spot trading, derivatives and other businesses. They are based in Virginia beach, Virginia, but have a contact point in Chicago. The company's original goal was to become a "digital mining facility, physical market, regulated derivatives exchange and clearing house" after obtaining the necessary regulatory approvals.

It looks like Bcause Mining LLC looked at their books, looked at their assets, looked at their liabilities and realized that it might not be able to pay them. In its resources bankruptcy filing, Bcause estimated assets at $1 million to $10 million and estimated liabilities at $1 million to $10 million. As a possible next step, Bcause may present a plan to restructure/restructure its debt within the required time frame under chapter 11 of the bankruptcy code.

The most interesting part is that the bankruptcy filing contains a list of Bcause's creditors. These creditors may have "secured" or "unsecured" claims, and secured claims are preferred. Secured claims include mortgaged property while unsecured claims do not include mortgaged property.

Some of the creditors on the list are well known. For example, Fidelity Labs has secured claims on Bcause and Amazon Web Services has unsecured claims, but there are two very interesting unsecured claims in Bcause debt.

Dominion Energy Virginia, an Energy and power company, has unsecured claims on Bcause's assets of $1,459,267.38. The other claim came from US Customs and Border Protection for $737,041.90. How did an encryption company focused on mining and trading end up owing us customs and border protection nearly $750,000? The story behind this claim is not shown in the document.

Bcause will now submit a plan to restructure its debt and try to move on, still succeeding. It may or may not work, but this is another point at which the blockchain industry is maturing. Instead of avoiding government altogether, use the tools of the existing legal system.

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