Giga Watt ramps up asset value in new court petition

Posted 23 November, 2018

The failed mining company from the USA, Giga Watt reportedly submitted the revised declaration with the raised value of its assets.

According to the news reports, the bankruptcy court in the Eastern District of Washington has received a petition from the company, in which the latter saying that the value of the assets is $10-50 million, while the previous figures $50,000 are wrong.
As it was stated in the official company messenger channel, the initial figure was wrong, as the company prepared in a rush. Notably, the debts of the company are the same in the new petition – $10-50 million, while the number of creditors is 1-49.

Giga Watt declared bankruptcy this Monday having debts worth millions. Specifically, the company still has to pay off $7 million in total to its largest 20 unsecured creditors.

For reference, the mining company was created by bitcoin miner Dave Carlson, with $22 million ICO held in May. The received investments were planned for the launch of mining activities and setting up a crypto storage. Meanwhile, investors were said to receive Giga Watt token or mining capacities.

At the same time, Giga Watt faced a class action case in January 2018 in which the plaintiffs cited unregistered securities offering.

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23 November, 2018 17:54

← Policy Chief Mike Lempres leaves Coinbase

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23 November, 2018 15:11

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