Giga Watt declares bankruptcy, owes millions

This follows on from a controversial ICO

US crypto mining and blockchain outfit, Giga Watt, has gone bankrupt and is also facing eviction in Douglas County.

The Wenatchee World reports that the company filed for Chapter 11 protection in the Eastern District of Washington bankruptcy court saying it is, “insolvent and unable to pay its debts when due”. It listed assets of between zero to $50,000 and liabilities between $10 million to $50 million.

Giga Watt was founded by Bitcoin miner Dave Carlson and held an initial coin offering (ICO) in May 2017 that pulled in about $22 million worth of cryptocurrency. However, earlier this year a group of plaintiffs sued the venture for allegedly conducting an unregistered securities offering.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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