American mining company Giga Watt documents filed in the bankruptcy court for the Eastern district of Washington, reports CoinDesk.

Creditors Giga Watt about 20 companies, including utilities and suppliers of electricity. Total liabilities is 10 to 50 million US dollars. The assets of the company are estimated only at $50 thousand.

“The company is insolvent and cannot repay their debts in time”, — stated in the minutes of the meeting of shareholders of Giga Watt of November 18.

As reported by the Crypto News in August 2018, the firm had reduced the staff from 63 to 16.

Giga Watt based bitcoin miner Dave Carlson. In may, the company completed an initial offer of coins, in which she managed to raise $22 million

The firm collected funds to start mining and create storage for cryptocurrencies. In exchange for the invested funds, investors had to either tokens Giga Watt, or mining equipment. Tokens would provide investors the exclusive right to use the premises rent-free for 50 years.

However, in the beginning of this year it became known that against Giga Watt was filed a class action lawsuit in which the company is accused of conducting an unregistered securities offering. The lawsuit also stated that the construction deadlines were not met, and promises to reimburse the money are not met.

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