One of the largest mining companies in the US Giga Watt, formerly known as MegaBigPower, declared itself bankrupt, having submitted the corresponding application to the Federal district court for the Eastern district of Washington. The company with assets up to $50 thousand owed to the creditors from $10 to $50 million.
According to managing Director of George Turner (George Turner), he is surprised that the Board of Directors decided to declare bankruptcy Giga Watt under Chapter 11 of the U.S. bankruptcy Code, to no avail as he insisted on this step many months ago.
We will remind, in January of this year a group of investors accused created by a former engineer from Microsoft and Dave Carlson (Dave Carlson) in conducting fraudulent ICO, which in July-August 2017, they have invested in the project more than $20 million in exchange for tokens Giga Watt, which gives exclusive rights to free use of the facilities of the company for 50 years, or mining equipment. And in March, a legal company Silver Miller said in Federal court that the company offered to the users under the token of unregistered securities, contrary to the position of Carlson. In mid-August, he left his post, and by the end of September the company laid off 47 of his 63 employees.
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