HomeBitcoin NewsHashingSpace Finds Itself on Shaky Grounds

HashingSpace Finds Itself on Shaky Grounds


The bitcoin mining firm, HashingSpace is currently in trouble due to fraud allegations surrounding its former CEO, Timothy Roberts. Timothy Roberts and his company Savtira are currently being investigated by the United States Department of Justice and Securities Exchange Commission.

The investigation concerns fraud and misrepresentation of facts about the company which might have been used to mislead investors. The SEC has filed a suit in the US District Court for the Middle District of Florida against Timothy Roberts, Terrance Taylor who was the former CFO of HashingSpace and Craig Constantinou – an investor in Savtira (one of Timothy Roberts’ company). The SEC suit followed the six-count indictment unsealed by federal prosecutors earlier this month.

The six count indictment includes one count of conspiracy to commit wire fraud and five counts of wire fraud. According to SEC’s suit, Timothy Roberts, Terrance Taylor and Craig Constantinou were involved in sales of unregistered Savtira shares and rigged valuation to get investors on board. These SEC charges along with unsealed indictment were responsible for Timothy Roberts and Terrance Taylor to step down from their respective positions at HashingSpace in order to prevent pre-trial restrictions they were to be subjected to from hampering the company’s operations.

HashingSpace has been working on creating blockchain enterprise hosting solutions catering to blockchain and bitcoin 2.0 applications that are currently on a rise. Among other projects, HashingSpace had earlier this year announced its plans to build new data centers and offer bitcoin wallet services as well. The company is also registered with FinCEN as a money services business to ensure that all regulatory compliance are met.

With two main promoters currently facing lawsuits, the future of HashingSpace is currently uncertain and the outcome of these lawsuits can either make or break the business.


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