Blockchain

Giga Watt declares bankruptcy, owes millions

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.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

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